(Bob Bryan – Business Insider)
JPMorgan CEO Jamie Dimon has some concerns about President Donald Trump’s trade war with China.
On the same day that a 10% tariff on $200 billion worth of Chinese goods went into effect — adding to the tariffs on $50 billion worth of goods that were already in place — Dimon warned that the problems with the "trade skirmish" were not limited to the direct cost increases from the duties.
During a Monday interview with CNBC, Dimon said that while the tariffs were a "tax on America," the real danger would come from companies’ responses to the cost increases.
“Remember, people do other things,” Dimon said. “They have other supply lines. But it’s a $20 trillion economy. So that is a negative. The real negative isn’t that — it’s confidence, consistency. If people start reducing investment, if people start moving their supply chains around, that we have seen already moves the markets a little bit.” Click here to read more.
- Business Roundtable CEO Economic Outlook Index Remains Strong, Declines Slightly in Q3
- Donald Trump Takes Aim at China Over ‘Trade Imbalance’ (South China Morning Post)
- U.S. is Putting a Knife to China’s Neck, Says Trade Negotiator (CNN)
- China Reveals Its New Party Line: We’re Trying to Save the World From the U.S. (CNBC)