If implemented, the proposed tariffs could spike inflation, but national security is more important, the bank CEO said.

Jamie Dimon, the billionaire head of the U.S.’ biggest bank, lauded Tesla CEO Elon Musk, the richest man on the planet and a key part of President Donald Trump’s administration, on Wednesday, squashing a long-running beef between the billionaires’ companies as Dimon becomes the latest billionaire warming to Musk or Trump.

JPMorgan Chase CEO Jamie Dimon on Wednesday said the U.S. stock market is overvalued and explained why he’s a little more pessimistic about the global economy than your average Wall Street insider.