President Donald Trump’s push for credit card issuers to lower their interest rates has sparked a heated confrontation with Jamie Dimon, the CEO of JPMorgan Chase.
In January, the president called for a one-year 10 percent cap on interest rates, intended to curb what he described as abuse by U.S. lenders who had “ripped off” the American public.
Issuers and banking associations have sharply criticized the proposal—Dimon being among the most vocal opponents—but the administration has not backed down on its push for more affordable credit.
“Jamie Dimon, lower your friggin’ credit card interest rates,” White House trade adviser Peter Navarro said during an interview with Bloomberg Radio on Thursday. “You are a criminal the way you charge the American people at 22, 25 and 30 percent, and the president wants you to lower that.”
Newsweek has contacted JPMorgan Chase for comment via email.
Why It Matters
The cap on interest rates is one of several measures Trump has proposed to provide financial assistance to Americans ahead of the 2026 midterms, including an in-progress ban on “large institutional investors” purchasing single-family homes and directing agencies to purchase billions of dollars in mortgage-backed securities to reduce home loan payments.
However, the credit card cap’s initial deadline of January 20 passed without any apparent change from U.S. banking majors, who have also warned that the plan—if implemented—could significantly limit access to credit for millions of Americans.
What To Know
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30 percent, and even more,” Trump wrote on Truth Social in early January.
While the push for credit card affordability has received backing in some corners—including from Democratic Senator Elizabeth Warren of Massachusetts—Trump’s call for a temporary 10 percent cap met immediate pushback from issuers in the U.S.
“We share the president’s goal of helping Americans access more affordable credit,” a group of five banking associations wrote in response. “At the same time, evidence shows that a 10 percent interest rate cap would reduce credit availability and be devastating for millions of American families and small businesses who rely on and value their credit cards, the very consumers this proposal intends to help.”
Speaking at the World Economic Forum (WEF) in Davos, Switzerland, Dimon—now involved in a legal battle with Trump over “debanking” accusations—said in January that the plan would mean “economic disaster” and cut off credit access for much of the country.
“In the worst case, you would have a drastic reduction of the credit card business. I mean drastic,” Dimon said. “I mean like 10 percent. I mean like 80 percent. It would remove credit from 80 percent of Americans.”
As the January 20 deadline passed, doubts grew over whether the president would be able to enforce the policy without congressional approval.
“The credit card cap isn’t going to happen,” Bankrate senior economic analyst Mark Hamrick told Newsweek. “It requires legislative action, and the industry indicates there’d be a severe rollback in access to credit were it to be imposed.”
A White House official told Newsweek at the time that it would “be working with Congress to continue delivering economic relief for the American people from Biden’s affordability crisis. That includes credit card interest relief.”
What People Are Saying
President Trump wrote on Truth Social in January: “Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30 percent, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY! 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 percent.”
Rodney Williams, a co-founder of the community finance platform SoLo Funds, told Newsweek in January: “A 10 percent cap on credit-card interest rates may seem like a way to cut borrowing costs, but at such low levels banks will find it difficult to price for the risk of lending to consumers with lower credit scores.”
What Happens Next
While the initial deadline proposed by Trump has passed, Navarro’s comments suggest the administration is still intent on pushing banks into lowering their interest rates. The banks themselves have said they are preparing to counter these efforts.
On Tuesday, after reporting its full-year earnings, Barclays CFO Anna Cross said the banking giant had a “number of levers” it could pull if the administration pushed ahead with Trump’s proposal.
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