President Donald Trump isn't backing down from his call to lower interest rates, and he's got some choice words for JPMorgan Chase (JPM) CEO Jamie Dimon who's been sounding the alarm about messing with Federal Reserve independence.

"Jamie Dimon probably wants higher rates. Maybe he makes more money that way," Trump told reporters at Joint Base Andrews in Maryland on Tuesday. It's the kind of straightforward accusation that cuts right to the heart of the debate: whose interests are we really protecting here?

Trump also took aim at Dimon's opposition to his proposed 10% interest rate cap on credit cards. The president's point is hard to argue with on its face—people paying 28% to 35% interest deserve a break. "Whether it's Jamie Dimon or anybody else," Trump said, banks charging these sky-high rates should give consumers relief for at least a year.

The Banker Pushes Back

Dimon didn't exactly stay quiet. Earlier on Tuesday, he defended the Fed's independence, warning that political interference is "not a good idea" and could actually lead to higher inflation and rising interest rates—basically the opposite of what Trump wants. Though Dimon did acknowledge he doesn't agree with everything the Fed does, which is probably the most diplomatic way to thread that needle.

The tension isn't just between Trump and Dimon. Some Republicans are getting nervous about the DOJ's criminal probe into Fed Chair Powell, worried it could backfire and push rates higher instead of lower.

Meanwhile, JPMorgan just reported fourth-quarter earnings showing a resilient economy with strong consumer spending, even though net income dropped 7% year-over-year. "Card is one example of patient and thoughtful deployment of our excess capital into attractive opportunities," Dimon noted during the earnings call.

But here's where it gets interesting. JPMorgan's CFO Jeremy Barnum warned that Trump's credit card rate cap could have significant "negative consequences" on credit markets. It might sound counterintuitive, but artificially capping rates could actually reshape how credit works entirely, potentially making it harder for some people to get credit at all.

"It would be dramatic on subprime," Dimon added during Tuesday's analyst call. Translation: the people Trump wants to help might end up with fewer credit options, not better ones.

It's a classic policy debate. Trump sees consumers getting gouged. Dimon sees market mechanics that could break if you mess with them too much. Whether you think the president is standing up for regular people or the CEO is protecting financial stability probably depends on which side of a 28% APR you're sitting on.