Dimon Echoes Trump on China But Sees No Trade Deal Before 2020
Jamie Dimon is sounding a bit like Donald Trump on China.
The JPMorgan Chase & Co. chief executive officer, speaking Wednesday at the Bloomberg Global Business Forum in New York, said that Trump’s trade fight is simply about “fair” trade, not part of some larger ideological struggle. He also echoed the U.S. president in complaining about China’s behavior since joining the World Trade Organization.
"Fair means kind of reciprocal," Dimon said on a panel alongside Walt Disney Co. Chief Executive Officer Bob Iger.
U.S.-China trade needs to be “closer to reciprocal in a way that’s good for everybody. I hope we get there. I don’t expect it to happen before the election to tell you the truth, but I hope after that we have a fair trade deal," Dimon said in reference to the U.S.’s 2020 presidential election.
Trump, speaking to reporters in New York on Wednesday, took a more optimistic stance, saying a deal with China could happen “sooner than you think.”
Dimon sought to reality-check the story of China’s rise, saying that U.S. per-capita gross domestic product is on pace to remain well above that of China. He said China has a shortage of food, water and energy and a number of unpredictable regional neighbors. He acknowledged unease with Trump’s combative approach, but said the president had little choice.
“The method could have been different -- whether the tariffs worked -- but a lot of people say it’s the only thing you can try,” he said.
Iger struck a more optimistic note on China, which is Disney’s second-largest global movie market and where the company built a new Disneyland in Shanghai.
“Our access has actually increased over time,” Iger said. “Should there be a level playing field in certain circumstances? Absolutely. Are there other issues that have to get dealt with – intellectual property protection being one, cybersecurity another -- of course. But I generally, at least as the CEO of the Walt Disney Company, look at China quite favorably."
The Bloomberg Global Forum is hosted by Michael R. Bloomberg, the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.
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