By bizn_fun 
Dimon added: “The people crying the most won’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.”
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.
Trump doubled down on his suggestion on Wednesday, telling the business news channel CNBC: “I’ve had calls from credit card companies, people that are friends of mine, actually, and I treat them good.
“I respect them greatly, but they make a lot of money, they got to give people a break.”
US banking associations have said capping interest rates would make it harder for people to access credit and be “devastating” for millions of families and small businesses.
The average interest rate for credit cards in the US is roughly 20%.
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.
“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%,” he wrote. “Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies.”
The social media post spooked investors in credit card firms American Express, Visa and Mastercard, while UK bank Barclays also saw its shares dip.