JPMorgan Chase CEO Jamie Dimon said on Wednesday that the U. S. and the West are prepared to have full interaction with China even if it represents “stiff competition,” a day after President Joe Biden unveiled a series of new price lists targeting Chinese imports, adding metals and electric vehicles.
In an interview with Sky News in the U. K. , Dimon said the new price list circular would ratchet up tensions “a little bit,” adding that while China has engaged in “unfair trade. . . sells very few electric vehicles” in the United States.
The JPMorgan CEO stated that as long as “China is on Russia’s side, we will have difficult times” and that the Taiwan factor “will always create problems” until it is resolved well.
Dimon said the right thing to do would be to “fully engage” with China and that while the country has “tough competition” and differences with the West, “it doesn’t have to be a war. “
Asked if Chinese President Xi Jinping’s recent stopover in France is a sign that the EU is behaving too warmly towards Beijing, the billionaire disagreed, saying French President Emmanuel Macron had raised issues that France didn’t like “but I think it did. “by. . . A considered compromise.
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“We want to be strategic, very considerate and have full interaction with China. They are not enemies, they are at a festival and they want a different world from the one we want. . . the laid-back and democratic Western world. . . that’s worth fighting for,” Dimon said.
On Tuesday, President Biden triggered additional tariff increases on imports of Chinese electric vehicles, semiconductors, batteries, and steel. The notable increase was focused on Chinese electric vehicles, which will now face a 100 percent tariff, compared to the current 25 percent. The resolution is the last chance in an ongoing industrial war between the two countries, in which the U. S. has targeted several key Chinese industries.
The West has “a hand in China’s economic battlefield, but it doesn’t have to be a war” (Sky News)
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