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Jamie Dimon: Trump's tariff strategy could have worked



"It could have worked as a negotiating strategy," said Dimon to Poppy Harlow of CNN.

The comments are in stark contrast to at least one Trump advisor. Former White House economist Gary Cohn, who used to be deputy commander at Goldman Sachs, said flatly last week that "fares do not work". If anything, Cohn told the Freakonomics podcast, the tariffs would have "hurt the economy."

Dimon said he agrees with Cohn that the tariffs "do not work technically" because they cause negative side effects, namely rising costs for consumers and businesses. 19659002]

"But if the president were here, he would say," They worked. I brought them to the table and nobody did, "Dimon told CNN.

  Jamie Dimon acknowledges that President Donald Trump's position on tariffs may pay off.

Trump raised tens of billions of dollars on Chinese products to increase pressure on Beijing • China retaliated with tariffs on US products such as soybeans and trapped American farmers in the middle.

Dimon said tariffs increase the chances of a full-blown "trade war" between the world's two largest economies.

Washington and Beijing are now trying to negotiate a groundbreaking trade agreement, and hopes are being set for a trade peace on Wall Street.

But the breakthrough It seems to have been delayed as the negotiators were hampered by battles for the enforcement of an agreement.

Dimon does not sound worried about a possible collapse of the trading talks.

"In the long run, America will be fine," the JPMorgan JPM ] chairman said.

No "free ride" for China

He seemed less confident in China's future, pointing to the country's "enormous corruption", 400 million people in poverty, and weaker legal safeguards complex regional challenges.

"It's not like they have a free ride in the next 20 or 30 years," said Dimon.

While China's economy is under intense pressure from the trade battle, Dimon is optimistic about the United States.

"America's consumers are in good shape and wages are rising," said Dimon, pointing to recent salary increases for lower-income workers.
JPMorgan's boss has dampened recent concerns over rising car loan deficits. A record of seven million Americans has more than 90 days of automatic payments.

"Some companies have done too much in the area of ​​subprime," said Dimon, pointing to the practice of lending to people with weaker credit. "We do not make much of it, so JPMorgan is not affected by it, I do not think it's going to tear down a big company or anything."

19659008] So what keeps Dimon upright at night?

He pointed to a possible debt ceiling crisis as well as high levels of government debt around the world.

But Dimon said he is not afraid of the $ 22 trillion debt of the US government. He noted that America's debt as a percentage of GDP is far lower than Japan's.

"You do not need to panic," he said, noting that most of this debt is in the United States.

Despite his remarks, Dimon distanced himself from the movement of the Modern Monetary Theory (MMT), which argues that governments could spend as much in their own currency as they want.

the MMT group, "he said.

Dimon urged Washington to create a game plan that would take into account the burdens caused by authorization programs, but also said that the country still has time to knock things out. [19659007] "If it does not happen in the next few years," said Dimon, "it will not be a disaster."


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