JPMorgan Chief Jamie Dimon warns that additional significant tariffs on China may threaten the current U.S. economic expansion.
President Donald Trump is considering another round of tariffs on China, this time on $200 billion worth of goods, and the Commerce Department is investigating auto imports.
"If you do another $200 billion of tariffs and this national security thing about cars, I think that you're getting pretty close to reversing some of the benefits you've seen in the economy," Dimon told CNN.
Dimon told CNN Money that Trump has "raised serious issues that are pretty accurate" when it comes to dealing with China but questioned the president's next steps for the U.S.
"I would remind folks that the president's team has already said, 'There will be no retaliation.' They've already been wrong," Dimon said in the interview. "If I was the president, I'd be a little ticked off at some of my advisers, to tell you the truth."
Dimon said that the trade war's expansion beyond China, with tariffs placed on U.S. allies in North America and Europe, has made a resolution "complex."
"It raises the uncertainty a little bit," Dimon said.
Dimon isn't alone in urging caution.
Trade tensions threaten global growth as the engines of leading economies fall out of sync, the world’s top finance chiefs warned on Sunday, Bloomberg reported.
Global growth remains robust and many emerging-market countries are better prepared to face crises, but risks to the world economy have increased, finance ministers and central bankers from the Group of 20 nations said in a statement published at the end of their two-day summit in Buenos Aires.
The main risks are “rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth,” the statement read. Emerging markets also face threats including market volatility and capital outflows, according to the G-20. The group’s March statement didn’t mention trade tensions.
(Newsmax wire services contributed to this report).
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