The U.S. must engage with China and consider it as a competitor fairly than a hostile power, said Jamie Dimon, CEO of JPMorgan Chase.
“China is not a natural enemy of the United States,” he said Bloomberg TV in an interview on Thursday.
China has a unique view of the world than the United States, Dimon added, nevertheless it has the best to guard its interests and national security, similar to the United States. Excluding China shouldn’t be the best way.
“I think the right thing for America is to fully engage in competition with China,” he told Bloomberg.
While it’s unclear exactly what number of employees JPMorgan employs in China, the bank has been operating within the country for greater than a century, in response to its website. In recent years, the corporate has even expanded its business in China. In 2021, China’s securities regulator approved a registration for the bank, making it the primary foreign company to wholly own a securities business in China.
The $583 billion bank chief’s comments come after President Biden this week hit China with recent tariffs on electric vehicles, advanced batteries, solar panels and other imports. The Biden administration maintains that the brand new tariffs is not going to harm U.S.-China relations but will discourage low-cost, foreign-made products from dominating the U.S. market, particularly in terms of electric vehicles. Still, Chinese officials have already expressed displeasure with the move. The Chinese embassy spokesman called the tariffs “self-destructive” and harmful to each countries’ climate goals.
In a separate one interview Speaking on British broadcaster Sky News on Wednesday, Dimon said Biden’s latest tariffs would increase tensions between the US and China, but the connection “doesn’t have to be a war.” It may very well be a tricky competition.” The US and China even have some issues shared interests, including climate, nuclear proliferation and counterterrorism efforts, Dimon said.
“As long as China somehow sides with Russia, we will have a hard time,” Dimon told Sky News.
While CEO Bloomberg said, “He’s not cut out for politics,” Dimon tends to discuss geopolitical issues with a way of dignity, partly due to his bank’s global reach. And people are inclined to listen. Still, he rejected an earlier offer from former President Donald Trump to change into treasury secretary, adding on Thursday that a jump into politics was not on the agenda for him.
“I love my job,” Dimon told Bloomberg. “So I’m not sure I want to do something like that.”
