The leader of the largest American bank has ridiculed President Donald Trump’s negotiation tactics with China, saying that the country is not likely to bow to American pressure.
“I just returned from China last week. They are not afraid, friends,” Dimon told a crowd of politicians, leaders and economists from the national Economic Forum Reagan in California on Friday, Friday, Axios reports. “I would get involved with China.”
Asset fought against a trade war With the Asian giant in recent months, imposing prices up to 145% on Chinese products imported on the American market. However, a “rapid agreementWas struck by the country earlier this month, which reduced China’s reprisal rates from 125% to 10% while American prices were reduced to 30%. The agreement should last only 90 days while the two parties try to determine their differences.
“This idea that they will come and bow to America, I would not count on it,” continued Dimon. “When they have a problem, they put 100,000 engineers there. They have been preparing for years. ”
The secretary of the Treasury, Scott Bessent, insisted that China needs the United States much more than America needs China and has no choice but to return to the negotiation table. However, Chinese President Xi Jinping was less enthusiastic About the capitulation of America’s requests, suggesting that it is happy to call Trump’s bluff.
“I believe it is up to China to defuse, because they sell us five times more than we sell them. said to CNBC in April.
American-Chinese trade was worth approximately $ 582.4 billion In 2024, the United States significantly $ 438.9 billion in the country while sending $ 143.5 billion in the opposite direction. This resulted in a 295 billion dollar trade deficit with the third American trading partner, the largest in all countries. Although this deficit has been the lowest since 2009, Trump has repeatedly called calls to do it further.
“China, perhaps not surprised for some, has completely violated its agreement with us. So much for our being for Mr. Nice Guy! ” Asset wrote On Truth Social Friday. The explosion on the alleged Chinese Chinese violations of the agreement to reduce each other prices and restrictions on critical minerals suggests that the relaxation of tensions in the trade war is deteriorating.
China has been working for years To reduce its dependence on the United States, increase exports to Europe, Oceania and other major markets. Its positioning and the current trend of American leadership have financial experts like Dimon concerned.
“What really worries me is us. Can we bring together our own act – our own values, our own capacity, our own management,” said the CEO, arguing that America is generally “normal resilient” but that the current situation is unprecedented.
“We have to bring together our act,” said Dimon. “We have to do it very quickly.”
