White House trade adviser Peter Navarro has escalated the administration’s war on high-interest debt, launching a pointed verbal attack against JPMorgan Chase CEO Jamie Dimon. During a Bloomberg Radio interview on Thursday, February 12, 2026, Navarro demanded that Dimon slash credit card interest rates, calling current levels “criminal.”
Thank you for reading this post, don't forget to subscribe!This confrontation marks a significant heating up of the Trump administration’s “affordability initiative.”
The Heart of the Dispute
Navarro’s rhetoric wasn’t just professional—it was personal and direct. Here is the breakdown of the current friction:
- The Accusation: Navarro highlighted that rates between 22% and 30% are predatory. He explicitly told Dimon to “lower your friggin’ credit card interest rates” before weighing in on other national policies.
- The Policy Goal: The administration is pushing for a temporary 10% cap on credit card interest rates, aimed at providing immediate relief to American households struggling with the cost of living.
- The “SOB” Sentiment: While the headline captures the aggressive tone, Navarro’s core argument is that big banks are profiting excessively at the expense of the working class.
The Banking Industry’s Defense
- Reduced Access: Banks may stop lending to “risky” borrowers, leaving millions without access to credit.
- Economic Risk: Dimon has warned that such a cap could trigger an “economic disaster” by destabilizing the lending market.
- The “Payday” Trap: Without bank credit, consumers might be forced toward even more predatory payday lenders.
Comparison of Positions
| Feature | Trump/Navarro Proposal | Banking Industry View (Dimon) |
| Proposed Cap | 10% for one year | No cap (Market-driven) |
| Primary Goal | Household debt relief | Maintaining credit availability |
| Perceived Risk | Corporate greed | Market collapse & lack of access |
