While positive on the economy, the banking boss acknowledged there’s “always friction” in terms of global events, such as the U.S.-China trade tensions and the “fear that skirmish becomes a war.”
“The president raised very, very good issues [on China],” Dimon said, but he added tariffs are “not a great way to go about it.” They “could easily offset some of the benefits from regulatory reform and tax reform,” he argued.
However, Dimon said, “I hope their process works. I just think it’s a riskier way of going about it.”
The question now is whether the president will put tariffs on the rest of Chinese imports to the U.S., which totaled $505 billion last year, according to federal data.
When announcing last week the 10 percent tariffs on another $200 billion of Chinese goods, Trump threatened such action if China retaliated, which it later did to the tune of $60 billion in levies on U.S. goods.
Those new reciprocal tariffs went into effect on Monday.
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