'Natural friends' India, US can get trade deal done, H-1B hike comes out of the blue: America's most powerful banker

JPMorgan Chase CEO Jamie Dimon has said India and the United States are “natural friends” and voiced confidence that the two countries could strike a trade deal, even as talks remain stalled over market access and rising tariffs. In an exclusive interview with The Times of India, Dimon, seen as America's most powerful banker, also criticised President Donald Trump’s decision to impose a $100,000 fee on H-1B visas, saying the announcement “came out of the blue.”“I hope President Trump and PM Modi, who seem to respect each other, can reach an agreement,” Dimon, America's most powerful banker, said. “I see India as a natural friend of America. I don’t think we need to ask you to align; we should extend our hand, build relationships.” “The Ukraine war has created big problems...we feel strongly Russia’s doing bad things and must be stopped. Trade will feel the pressure from that,” Dimon added.His remarks come as Commerce and Industry Minister Piyush Goyal is in Washington this week to revive negotiations on the long-pending India-US trade agreement.Negotiations have been turbulent: a planned U.S. delegation visit to New Delhi in August was cancelled after India resisted pressure to open its farm and dairy markets, while Washington last month doubled tariffs on Indian imports to 50%. Earlier this month, however, White House negotiator Brendan Lynch travelled to New Delhi, signalling attempts to get talks back on track.H1-B visa hike 'out of the blue'Dimon also hit out at U.S. President Donald Trump’s sudden move to impose a one-time $100,000 fee on H-1B visas, describing it as “out of the blue” and cautioning that such policies disrupt the movement of skilled professionals across global markets. The U.S. issues about 85,000 H-1B visas annually, a majority going to Indian IT professionals with Indian nationals consistently being the largest single group of new H-1B visa recipients. JPMorgan was among the top 10 corporate sponsors of H-1B visas in 2024, according to U.S. data.“It came out of the blue. We’ll be engaging with stakeholders and policymakers. For us, visas matter because we move people around globally — experts who get promoted to new jobs in different markets,” he said in an interview with TOI. He underlined the importance of immigration to the American economy: “My grandparents were Greek immigrants who never finished high school. America is an immigrant nation, and that’s part of its core strength.”JPMorgan CEO opens up on India growth storyDimon, who has been visiting India for two decades, said he remained upbeat about the country’s growth prospects. “I’m very optimistic about its future. The economy has been growing at 6%, and that could and should continue for 20 years,” he said. At the same time, he cautioned that India’s progress depends on the stability of the global system: “The bigger caveat is the world order: India has benefited from a peaceful global system, even as you face your own local challenges.” He praised recent reforms pushed through by Prime Minister Narendra Modi. “I think the reforms here are excellent, and the fact that your Prime Minister was able to get them done shows strong leadership. He’s been a successful Prime Minister,” Dimon said. Looking ahead, Dimon voiced concern over the risk of a fragmented global order. His biggest worry, he said, is that “30 years from now, we may read a book titled ‘How the West Was Lost.’ It could describe how, starting with Russia’s invasion of Ukraine and terrorism in West Asia, Iran, Russia, North Korea — with some help from China — were able to dismantle the post-World War II order of law and stability.” In such a scenario, he warned, “the world fragments into competing power blocs… and in that environment, the strongest nation — China — could leave others acting as its vassals.”