Tags: jamie dimon | trump | tariffs | china

Jamie Dimon: Trump Tariff Strategy 'Might've Worked'

By    |   Tuesday, 19 March 2019 03:31 PM

JPMorgan Chase CEO Jamie Dimon admits that President Donald Trump's strategy of imposing economic tariffs just might be paying off.

"As a negotiating strategy, it might've worked," Dimon told CNN.

For his part, Trump said on Tuesday that U.S. trade talks with China were going well as two top American officials reportedly plan a visit to China next week for a fresh round of talks, Reuters reported.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin expect to fly to Beijing the week of March 25 to meet with Chinese Vice Premier Liu He, who will pay a return trip to Washington the following week, the Wall Street Journal said, citing Trump administration officials.

Talks between China and the United States are in the final stages, with a target date for a deal by the end of April, according to the report.

“China’s going very well. Talks with China are going very well,” Trump said in response to a shouted question at the end of his White House news conference with Brazilian President Jair Bolsonaro.

Washington and Beijing have slapped import duties on each other’s products that have cost the world’s two largest economies billions of dollars, roiled markets and disrupted manufacturing and supply chains.

Dimon explained that tariffs "don't work technically" because they cause negative side effects, namely rising costs for consumers and businesses, CNN explained.

"But if the president were here, he'd say, 'They worked. I got them to the table and no one else did,'" Dimon told CNN.

Although a formal trade pact between the U.S. and China has yet to be forged, Dimon doesn't sound worried.

"In the long run, America will be fine," Dimon said. "America's consumer is in good shape. Wages are going up," Dimon said, pointing to recent pay raises for lower income workers.

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JPMorgan Chase CEO Jamie Dimon admits that President Donald Trump's strategy of imposing economic tariffs just might be paying off.
jamie dimon, trump, tariffs, china
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2019-31-19
Tuesday, 19 March 2019 03:31 PM
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