Jamie Dimon to tariff: don't worry about it
Jamie Dimon to tariff: don't worry about it
worldwide, companies and established economists are concerned about rising prices, while President Donald Trump presents his tariff -controlled economic policy. Jamie Dimon, CEO of the largest bank in the world, is of the opinion that there may be too much concern and not enough trust in Trump's plan.
The role of tariffs as an economic instrument
In an interview with CNBC from Davos, Switzerland,DIMON, as "an economic tool" or "an economic weapon", depending on their application. "I would see that in a different light: if it is a little inflationary, but good for national security, then that's the way. You should just put up with it," said Dimon.
Trump's customs plans
currently trump threatens with a 10% inch to Chinese goods that are imported into the USA, and with 25% tariffs on Mexican and Canadian goods , which should apply from February 1st
negotiations and trade conditions
DIMON expressed that these threats could be used effectively to "bring people to the table" and negotiate better trade conditions. He believes that the Trump administration acts exactly in this line. This could mean that the United States raises lower tariffs on Mexico, Canada and China or possibly do without new tariffs. "We'll find out," said Dimon.
WTO view to tariffs
similarly, Ngozi Okonjo-Iweala, the general director of the World Trade Organization (WTO), which also believes that it makes sense to wait before reacting. "Can we relax?" Asked Okonjo-Iweala in an interview with CNN. "I think we shouldn't get too excited about the topic of tariffs. Let us wait for what actually happens." There is currently a lot of speculation about what could happen, but nothing has yet been implemented.
Trump's negotiation strategy
Trump himself seems to leave the door open to negotiations by setting a deadline until February 1st instead of imposing the new tariffs immediately, which he originally promised on his first day of office. The tariffs that he is now considering are all connected to Fentanyl, which Trump sees from China via Mexico and Canada to the USA.
inflation risks by tariffs
In addition to the tariffs, about which Trump has been discussing since taking office this week, he had brought a 10% inch to all imports of the USA and tariffs of up to 60% to Chinese goods during his election campaign. He also explained that from the BRICS states-a Great emerging countries , including China and Russia To create currency, otherwise you would have to expect 100% tariffs during his term.
Many economists, including those from JPMorgan Chase, have predicted that the tariffs in combination with the mass deportations that Trump promised could heat inflation in the United States. However, there is disagreement among economists whether tariffs alone cause a one -time increase in prices or whether consumers are used to expecting higher prices in the future, which could lead to potentially higher inflation rates.
goods prices and possible effects of the tariffs
The tariffs that Trump could soon impose could make a wide range of goods more expensive for Americans, especially since Mexico, China and Canada are the three most important trading partners in the USA. This list includes Consumer electronics as television and computer, cars and auto parts , petrol and food.
Last year, for example, $ 123 billion of the $ 246 billion, which the United States imported to automobiles by November, came from Mexico, Canada and China. This corresponds to a little more than half of the value of all imported cars. The automotive sector is probably "in turmoil" about the new potential tariffs, says Mary Lovely, Senior Fellow at the Peterson Institute for International Economics. US car manufacturers were able to keep their production costs low by setting low-wage workers, especially in Mexico, where a large part of their production has been migrated in recent years.The relationship between Dimon and Musk
The cost savings would largely fall if the new tariffs come into force, it warns. Dimon also reported on his relationship with Tesla CEO Elon Musk, who was difficult in the past after JPmorgan Chase had filed a lawsuit against the electric car producer four years ago, who demanded $ 162 million due to an alleged breach of contract in connection with Tesla stock options.
In a court application, Musk had testified in 2023: "JPmorgan hates Tesla, in short." JPmorgan has now dropped the lawsuit. Dimon explained that he and Musk are now doing better. "Elon and I reconciled," said Dimon on Wednesday. "He came to one of our conferences, we had a nice, long conversation. We clarified some of our differences."
"The type is our Einstein," added the CEO of Chase. "I would want to help him and his company as much as possible."
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