JPMorgan Chase CEO Jamie Dimon limited his criticism of President Donald Trump during a question-and-answer session at Davos on Wednesday, with one notable exception.

Dimon said President Trump’s plan to put a 10% cap on credit card interest rates “would be an economic disaster.”

Speaking at the World Economic Summit in Switzerland, Dimon criticized some of Trump’s actions on trade, immigration and relations with NATO and European allies, but quickly defended those comments in support of the administration’s other actions on the same issues. When asked about a variety of policy issues, he repeatedly said, “I don’t know,” and even sidestepped a question about whether he was afraid of American CEOs criticizing President Trump.

But the head of America’s largest bank did not commit to a possible one-year cap on credit card interest rates of 10%. President Trump called for such a policy earlier this month, saying on social media: post The American people are being “deceived.”

President Trump said at Davos later that day that he would ask Congress to pass a one-year cap.

Dimon predicted that if the proposal goes into effect, the pain will spread throughout the U.S. economy.

“By the way, we (JPMorgan Chase) will survive,” he said. “(But) it would take credit away from 80% of Americans. And that’s their backup credit.”

Dimon also suggested testing the 10% cap in some states before rolling it out nationwide. He cited two states represented by more outspoken liberal senators: Vermont, represented by Sen. Bernie Sanders, and Massachusetts, represented by Sen. Elizabeth Warren. He said people on the political left “will learn real lessons” from such experiments.

“The credit card companies won’t be crying the most,” Dimon predicted. “That’s going to be restaurants, retail stores, travel agencies, schools, municipalities, because people are going to be behind on their water bills and that payment. That’s going to be another thing to watch.”

But Dimon added that he doesn’t think a national rate cap will pass in Congress. Some economists also agree that putting a hard cap on interest rates is a bad idea for the general public.

“If you cap interest rates at 10%, banks will decide it’s not profitable and many people won’t be able to get a credit card,” Justin Wolfers, a professor of economics at the University of Michigan, told CNN on Wednesday. Mr. Wolfers is also an adjunct senior fellow at the Brookings Institution.

Wolfers said that while people who misuse credit cards could benefit from being blocked, there are others who really need it, especially in an emergency.

A typical example, Wolfers said, is a working-class person who needs $800 to fix their truck so they can get to work.

“Renting at 20% is better than losing your job,” he says. “Denying working-class people access to credit is the easiest way to ensure that small economic shocks have large economic consequences.”

Dimon also asked several questions during Wednesday’s panel discussion. Questions such as whether the Trump administration’s foreign policy is making the world safer and stronger could not be answered with a yes or no.

“You always want an alternative answer to everything,” Dimon said. “Is this good foreign policy? We don’t know yet.”

Dimon added that while he has questions about immigration enforcement actions, he is equally critical of the Biden administration’s immigration record.

“I think it’s time for people to take a little deep breath,” he said. “That doesn’t mean I like everything.”

Dimon also advocated for government action to soften the blow of job losses due to AI.

“My view as a businessperson is don’t stick your head in,” he says. “We’re going to put it in place. Will there be job losses? Yes. Will jobs change? Yes. There will probably be some jobs added.”

But Dimon said governments should take steps to help people who have lost their jobs to AI and provide incentives for companies to avoid making large-scale layoffs that could lead to “social unrest.”

“I think[AI adoption]may be too fast for society,” he said. “If it’s too fast for society, this is where government and business can work together.”

Asked if he wanted the government to say that JPMorgan Chase employees cannot be fired, he said, “I agree,” before adding, “If we have to do it to save society.”

“I think it should be done more at the local level, where someone says to JPMorgan, ‘Can you give us an incentive to retrain these people? Can we slow this down and give people income support?’ Yeah, we can do something like that,” he clarified.

This article has been updated to include some of Dimon’s criticisms of President Trump’s policies.