{"id":48069,"date":"2026-01-22T01:30:42","date_gmt":"2026-01-22T01:30:42","guid":{"rendered":"https:\/\/eduzim.co.zw\/news\/?p=48069"},"modified":"2026-01-22T01:30:42","modified_gmt":"2026-01-22T01:30:42","slug":"c3944lv2220oat_mediumrssat_campaignrss","status":"publish","type":"post","link":"https:\/\/eduzim.co.zw\/news\/2026\/01\/22\/c3944lv2220oat_mediumrssat_campaignrss\/","title":{"rendered":"Trump credit card plan would be &#8216;disaster&#8217;, JP Morgan boss Dimon warns"},"content":{"rendered":"<p> <script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-component=\"text-block\">\n<p class=\"sc-9a00e533-0 eZyhnA\">US President Donald Trump&#8217;s proposal to cap credit card costs would be &#8220;an economic disaster&#8221;, the boss of one of the world&#8217;s biggest banks has warned.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">JPMorgan Chase chief executive Jamie Dimon said the plan would remove credit from the majority of Americans and hit restaurants, retailers, travel firms and schools.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Trump this month wrote on Truth Social that interest rates on credit cards should be limited to 10% for one year from 20 January.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">The cap has yet to come into force and the president did not say how it might be introduced or whether such a move would be legally enforceable.<\/p>\n<\/div>\n<div data-component=\"text-block\">\n<p class=\"sc-9a00e533-0 eZyhnA\">Asked about the cap at the World Economic Forum (WEF) in Davos, Dimon said: &#8220;It would be an economic disaster, and I&#8217;m not making that up because our business\u2026 we would survive it by the way.&#8221;<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">He said capping interest rates on credit cards at Trump&#8217;s suggested level of 10% would be &#8220;drastic&#8221; and cut access to credit for 80% of Americans, adding that it is &#8220;their back up credit&#8221;.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">In a dig at senators Bernie Sanders and Elizabeth Warren, who have supported such a cap, he said if Trump did go ahead with the plan, it should be trialled in their respective states of Vermont and Massachusetts.<\/p>\n<\/div>\n<div data-component=\"text-block\">\n<p class=\"sc-9a00e533-0 eZyhnA\">Dimon added: &#8220;The people crying the most won&#8217;t be the credit card companies, it will be the restaurants, the retailers, the travel companies, the schools, the municipalities because people will miss their water payments.&#8221;<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Top JP Morgan executives including Dimon had previously warned that a 10% interest rate cap would severely hurt consumers, adding their voices to criticism of the proposal.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">Trump doubled down on his suggestion on Wednesday, telling the business news channel CNBC: &#8220;I&#8217;ve had calls from credit card companies, people that are friends of mine, actually, and I treat them good.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">&#8220;I respect them greatly, but they make a lot of money, they got to give people a break.&#8221;<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">US banking associations have said capping interest rates would make it harder for people to access credit and be &#8220;devastating&#8221; for millions of families and small businesses.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">The average interest rate for credit cards in the US is roughly 20%.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">In his statement on social media on 13 January, Trump called for a 10% limit, reviving an idea he put forward during his 2024 presidential election campaign.<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">&#8220;Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,&#8221; he wrote. &#8220;Please be informed that we will no longer let the American Public be &#8216;ripped off&#8217; by Credit Card Companies.&#8221;<\/p>\n<p class=\"sc-9a00e533-0 eZyhnA\">The social media post spooked investors in credit card firms American Express, Visa and Mastercard, while UK bank Barclays also saw its shares dip.<\/p>\n<\/div>\n<p><script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n#Trump #credit #card #plan #disaster #Morgan #boss #Dimon #warns<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US President Donald Trump&#8217;s proposal to cap credit card costs would be &#8220;an economic disaster&#8221;, the boss of one of&hellip;<\/p>\n","protected":false},"author":1,"featured_media":48070,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-48069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mzansi"],"_links":{"self":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/48069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/comments?post=48069"}],"version-history":[{"count":1,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/48069\/revisions"}],"predecessor-version":[{"id":48071,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/48069\/revisions\/48071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media\/48070"}],"wp:attachment":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media?parent=48069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/categories?post=48069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/tags?post=48069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}