JP Morgan and Chase CEO Jamie Dimon said Wednesday on CNBC’s “Squawk Box” that former President Donald Trump was right about key issues, and admitted Democrats’ attempt to slander Trump supporters might backfire.

Speaking from Davos, where the World Economic Forum is underway, Dimon said several outside factors could impact the U.S. economy going forward.

“How do you see the U.S. economy playing itself out over the next 12 months? This is an election year. We talked about what just took place in Iowa, and trying to understand how the American public is going to feel about the economy may ultimately dictate how the president is decided,” host Andrew Ross-Sorkin asked.

“Yes, I agree with that. I think it is a mistake to assume that everything is hunky-dory. When stock markets erupt, it’s kind of like this little drug we all feel, like it’s just great. But remember, we’ve had so much fiscal monetary stimulation so I’m a little more on the cautious side that we are facing a lot of things in ’24 or ’25 and we mentioned Ukraine, the terrorist activity in Israel, the Red Sea, quantitative tightening which I still question if we understand exactly how it works, I don’t think we do,” Dimon said.

“If I was the government, I would be preparing for what I’m going about that assuming things aren’t good. And I also just want to point out, I wish the Democrats would think a little more carefully when they talk about MAGA, you know, and if you travel this country, you know. And the country is unbelievable. We took a bus trip this year, Leslie Picker was on. Spokane and Boise and Bozeman. People are growing. They’re hungry to grow, they’re innovating. It is everywhere, it’s not just Silicon Valley. We got this great hand, but when people say MAGA, they’re actually looking at people voting for Trump and they think they’re voting — and they’re basically scapegoating them — but I don’t think they’re voting for Trump because of his family values. If you look, just take a step back, be honest. He’s kind of right about NATO, kind of right about immigration. He grew the economy quite well, tax reform worked. He was right about some of China. I don’t like what he did —”

“I don’t like how Trump said things, but he wasn’t wrong about those critical issues. That’s why they’re voting for him. People should be more respectful of our fellow citizens,” says @JPMorgan CEO Jamie Dimon. “I think this negative talk about MAGA will hurt Biden’s campaign.” pic.twitter.com/WKnDjBvefO

— Squawk Box (@SquawkCNBC) January 17, 2024

Co-host Joe Kernen added Trump was right about the “China virus.” (RELATED: CNN Host John Berman Confronts Biden Campaign Spox About Their Trump Argument)

“I don’t like how he said things about Mexico, but he wasn’t wrong about these critical issues. And that’s why they’re voting for him. And I think people should be a little more respectful of our fellow citizens and when you guys have people up here, you should always ask the ‘why.’ Not like it is a binary thing, you support Trump, you’re not supporting Trump. Why are you supporting Trump?”

“It’s hard to hate 75 million of your fellow Americans —” Kernen jumped in.

“I agree, and you know, the Democrats have done a pretty good job with the ‘deplorables,’ hugging onto their Bibles and their beer and their guns. I mean, really? Could we just stop that stuff and actually grow up and treat other people respectfully and listen to them a little bit? I do think the economy will affect — I think this negative talk about MAGA is going to hurt Biden’s election campaign.”

Trump won the Iowa caucus Monday night by a massive landslide. Trump won 98 out of 99 counties, losing Johnson County to former South Carolina Gov. Nikki Haley by one vote. Trump received 51% of the vote, while DeSantis came in second with 21.2% and Haley in third with 19.1%. Businessman Vivek Ramaswamy dropped out of the race after the results came in.

The Biden Campaign meanwhile has focused its efforts on slandering Trump and his supporters as “extremists” and threats to democracy. President Joe Biden himself has claimed Republicans have embraced “semi-fascism” if they support Trump.

Watch Dimon burst into laughter after Sen. John Kennedy cracked a joke during a hearing:

Watch Dimon blast central banks for being “100% dead wrong” on government spending: