JPMorgan’s Jamie Dimon urges Trump to engage with – Business News
JPMorgan CEO Jamie Dimon urged President Donald Trump to instantly “engage” with China over dueling tariffs — earlier than a international commerce warfare erodes US credibility.
The head of the nation’s largest bank, who has for years been floated as a attainable Treasury Secretary, mentioned the 2 sides need to discover an off-ramp.
“I don’t think there’s any engagement right now . . . it doesn’t have to wait a year. It could start tomorrow,” he informed the Financial Times on Tuesday.
He maintained that the US would all the time stay “a haven” as a result of of its prosperity, rule of law, and financial and army power.
JPMorgan CEO Jamie Dimon used an interview with the Financial Times to warn Donald Trump of the risks that come with declaring a international commerce warfare. AP
But the 69-year-old Wall Street veteran, in JPMorgan’s prime job for practically 20 years, warned that America’s financial would possibly may very well be eroded by Trump’s efforts to renegotiate the principles of international commerce.
“A lot of this uncertainty is challenging that a little bit. So you’re going to be reading about this nonstop until hopefully these tariffs and trade wars settle down and go away so people can say, I can rely on America,” Dimon mentioned.
His feedback got here simply a few days after the highest banker informed buyers that a tit-for-tat commerce warfare with its nation’s trading companions would create “considerable turbulence” for the economic system.
Dimon had beforehand hinted at his assist for the commander-in-chief to use the risk of heavy tariffs as a means of forcing different governments to the desk.
Treasury Secretary Scott Bessent mentioned final week that more than 70 international locations have lined up to hash out new trading preparations with the United States.
Bessent’s deal with to banking industry titans got here simply hours earlier than Trump hit pause on plans to levy a string of nations with reciprocal tariffs — with solely China being subjected to a steep 145% tax.
President Trump signed an govt order on April 2 – that he dubbed Liberation Day – earlier than performing a U-turn on April 9 after bond markets panicked over his plans to slap enormous tariffs on imported items to the United States. Michael Brochstein/ZUMA / SplashNews.com
Trump’s April 2 “Liberation Day” eroded billions of {dollars} from stock markets worldwide as bond merchants started to dump US authorities debt, spiking the fee of borrowing.
“The markets are very volatile, it scares people,” Dimon informed the FT.
“I think we should be clear-eyed about what we’re trying to accomplish. I would want to negotiate eventually with Europe, with the UK, with Japan, Korea, Australia, Philippines, and have a very strong economic relationship.”
JPMorgan and a few of its prime Wall Street rivals nonetheless managed to report robust first-quarter outcomes as a result of of robust efficiency from trading desks as buyers sought to reorder their portfolios amid the tariff turmoil.
Trump has argued that tariffs have been a essential device to convey back manufacturing jobs to the United States that had been misplaced to globalization.
JPMorgan’s Dimon mentioned Treasury Secretary Scott Bessent had what it takes to calm the markets amid the present financial uncertainty. REUTERS
The Post solely reported in November how senior members of Trump’s transition staff had used Dimon as “a sounding board” for financial coverage forward of the forty seventh president’s second inauguration.
While the 2 males haven’t spoken immediately, sources briefed on the matter informed The Post that Dimon had reached out to Secretary Bessent final month to categorical his issues concerning the tariff plans, saying he was assured that the previous hedge fund govt may steer the US economic system via turbulent occasions.
Jennifer Piepszak, now the bank’s chief working officer, was one of the executives tipped to take over from Jamie Dimon when he ultimately stands down as CEO. She just lately ruled herself out of the working. YouTube / UnitedWayNYC
“I hope so,” Dimon mentioned. “I know him a little bit. I think he’s an adult. I don’t agree with everything the administration is doing. So I’m not arguing that point. But I think he’s the guy who should probably be negotiating these trade agreements.”
Dimon additionally touched upon his succession plans after vowing to keep on as CEO till the top of subsequent yr, when he’s doubtless to transfer upstairs to be chairman of JPMorgan.
Without particularly addressing any of the attainable candidates to take over, the Queens native mentioned he desires an govt who has braveness, curiosity, grit, coronary heart, and functionality.
Possible successors embrace Mary Erdoes, Marianne Lake, Troy Rohrbaugh, and Doug Petno. Chief working officer Jennifer Piepszak has ruled herself out of the working.
