With geopolitical tensions rising, the United States and the global economy appear to be in a concerning position amid an ongoing tariff war. Speaking to the Financial Times today, JPMorgan CEO Jamie Dimon called on the US to engage with China and end the trade war.
US President Trump noted that Dimon’s comments were influential in his 90-day pause of the administration’s Liberation Day tariff plan. However, the pause did not extend to China, which is now facing a 145% import duty in what officials have called “extremely shameless.”
JUST IN: JPMorgan CEO calls on the US to engage with China to end the trade war.
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JPMorgan CEO Speaks on US-China Trade War, The Need for Engagement
In early April, the United States announced a sweeping global tariff plan in an effort to balance trade. Although that has since been paused, the move represented an increasingly aggressive economic policy that has led to a whirlwind for the global economy. Moreover, it has seen tensions with China boil over, as a full-blown tariff war is taking place.
It seems as though the friction has reached a boiling point between both sides, with talks slowing. That should not be the case, according to JPMorgan CEO Jamie Dimon, who has called on the US to engage with China and put an end to the brewing trade war.
Speaking to FT, Dimon noted there are “legitimate concerns” with China despite its national success. However, he noted that what makes the United States so prosperous and strong could come under threat if the dispute continues.
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“A lot of this uncertainty is challenging that a little bit. So you’re going to be reading this nonstop until hopefully these tariffs and trade wars settle down and go away so people can say, I can rely on America,” Dimon said.
Dimon shared his belief that the engagement with China has ceased as of right now. “It doesn’t have to wait a year; it could start tomorrow,” he added. “We should be careful. I don’t think anyone should assume they have a divine right to success and therefore don’t worry about it.”
Altogether, the JPMorgan head discussed market volatility derived from the issues with China. Indeed, he also stated that the ongoing tensions have spooked investors, traders, and the common person.
