Jamie Dimon, chairman and chief executive officer of J.P. Morgan Chase, says the escalating trade dispute between President Donald Trump and China wouldn’t have a serious impact on the U.S. economy or American consumers.

"We can add tariffs to more things and the Chinese can retaliate in other ways and I don't think all that's good. It's not a devastating thing, it's not a war, it's a trade skirmish that can have negative economic effects," he told CNBC-TV18 in New Delhi.

"There is an effect on the psyche, the mind, if the trade skirmish becomes a trade war but right now it's just trade tit-for-tat and hopefully we'll get to a resolution. I don't expect a trade war but I also don't expect any progress before (midterm) elections."

"But if you look at tariffs on $200 billion (worth of Chinese goods), and this may all get passed on to American consumers and they have to pay another $20 billion (on Chinese imports), it's a $20 trillion economy, so the actual economic effect is not dramatic," Dimon said.

Dimon admitted that he fears the trade spat could "offset some of the positive effects" from Trump's "regulatory reform and tax reform and other pro-business policies."

Meanwhile, Larry Fink, chief executive of BlackRock, the world’s largest asset manager, on Thursday said the United States is “a big winner” in the trade war with China “in the short-term,” but not necessarily over time.

Fink, speaking at Yahoo Finance’s second annual “All Markets Summit,” said the United States is currently the dominant force in the trade war because U.S. companies are benefiting from the strong dollar. That has driven U.S. stocks up, while equities have fallen elsewhere.

In the long term, however, trade tensions will hurt the United States as they are leading more non-American companies to expand their business ties with China, Fink said, according to Reuters.

Still, Fink said he did not expect China’s renminbi to become a global currency of choice anytime soon, even though U.S. President Donald Trump’s protectionist policies may benefit China in the long-term.