A 1987 video of a Ronald Reagan radio address — in which the then president slams tariffs and advocates for free trade — has gone viral with a certain subset of bankers and business executives, sources told NYNext.
One source revealed that Jamie Dimon, CEO of JPMorgan Chase, has been sharing the video internally with employees to highlight a different conservative perspective on the issue.
A JPMorgan spokesman did not respond to a request for comment.
For Wall Street leaders, many of whom are longtime Democrats, it makes them nostalgic for a conservatism that aligned with their globalist business objectives.
A source said it was “cathartic” to hear Reagan voice his exact thoughts on the issue, even as Trump announced a month-long pause on levying tariffs on some goods from Mexico and Canada.
Some see sharing the video as a strategic way to message their thoughts publicly and say invoking a Republican icon offers a smart approach to tariff-opposition conversations with Trump administration officials.
“We’re in the same boat with our trading partners,” Reagan says in the 1987 radio address from Camp David. “If one partner shoots a hole in the boat, does it make sense for the other one to shoot another hole in the boat? Some say, yes, and call that getting tough. Well, I call it stupid.”
One source who was sent the video by a banker remarked how uncanny it was that Reagan was addressing the issues more than three decades ago: “[Commerce Secretary] Howard Lutnick keeps making announcements about tariffs — I hope he understands the impact.”
It comes as executives — even at companies with fully American supply chains — told NYNext they remain spooked about the economic uncertainty of tariffs, with one explaining, “No one is taking a victory lap… you have no idea what is going to happen.”
But a handful of companies with supply chains based in the US are poised to emerge as winners, thanks to taking steps to on-shore during Trump’s first term. Firms like Foxconn, Intel and Walmart have shifted to more domestic production, while food and beverage giants such as Kroger, PepsiCo and General Mills remain largely insulated due to their American operations.
Smaller businesses emphasizing American craftsmanship, like Etsy and Shinola, could also benefit as consumers rethink where they shop. One source with knowledge of the industry noted, “Buyers and sellers are supporting local commerce… it may actually boost our domestic creators.”
Companies including Target and Best Buy, meanwhile, have signaled to consumers that they will raise prices. But other e-commerce and retail companies say they are discussing how long they can absorb added costs — and if it makes sense to keep prices consistent in the hopes that tariffs will be lifted in the next few months.
“We’re just planning to eat any costs until we have a better sense of what will happen,” one executive told NYNext.
Execs at Arizona Iced Tea, a US-based manufacturer known for low prices (a can of tea is still just 99¢, 25 years after launching), are still concerned about how they may be impacted.
“As a US company, we prioritize keeping production and jobs here, which helps control costs by manufacturing close to our markets,” CEO Don Vultaggio said. Still, he admitted being concerned, saying there are still “potential impacts on aluminum prices and the availability of key ingredients not sourced domestically.”
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