JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon mow admits that President Trump’s strategy of imposing economic tariffs may just be paying off.
“As a negotiating strategy, it might’ve worked,” Mr. Dimon said on TV.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin plan to travel to China next week for another round of trade talks with Chinese Vice Premier Liu He, a Trump Administration official said on Tuesday.
The resumption in face-to-face talks, the 1st since US President Trump delayed a 1 March deadline to raise tariffs on $200-B worth of Chinese imports.
Mr. Dimon explained that tariffs “don’t work technically” because they cause negative side effects, namely rising costs for consumers and businesses.
“But if the president were here, he’d say, ‘They worked. I got them to the table and no one else did,'” Mr. Dimon said.
Although a formal trade pact between the US and China has yet to be forged, Mr. Dimon does not sound worried.
“In the long run, America will be fine,” Mr. Dimon said. “America’s consumer is in good shape. Wages are going up,” he said, pointing to recent pay raises for lower income workers.
Making and Keeping America Great!
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