Jamie is bullish on the U.S. economy.
"I think the market expected a tit-for-tat" between the U.S. and China, said Dimon. "I hope it doesn't get worse from here."
The strong U.S economy has led many large companies to plow back their newfound cash into stock buybacks. Stock buybacks totaled $190.6 billion in the second quarter, displacing the prior quarterly record of $189.1 billion set in the first quarter of this year, according to new data from S&P Global.
Dimon told Cramer that buybacks are not Chase's preferred tactic.
"I would really prefer not to buyback stock," he said. "I would rather grow our business."
Here's why Cramer is bullish on JPMorgan.