Jamie Dimon was awarded an 8.3% pay raise following a year of record profitability at JPMorgan and amid questions about who might succeed him as CEO.

The JPMorgan Chase chief executive, who had warned of the negative effect of tariffs, said they could be justified for national security reasons.

Dimon's comments Wednesday come as Trump has threatened to impose a 25 percent tariff on products from Mexico and Canada by February 1 and a 10 percent tariff on Chinese imports. Earlier Wednesday, Trump also teased the notion of imposing "taxes, tariffs, and sanctions" on Russia if it doesn't end its war against Ukraine.