JPMorgan chief executive officer Jamie Dimon called for full and thoughtful engagement with China, despite the country posing “tough competition” for the West.
In an interview with Sky News in London on Wednesday (May 15), Dimon said “as long as China is kind of on the side of Russia, we’re going to have a hard time,” adding the tensions over Taiwan could pose problems.
His comments came during a visit to Europe in which Dimon met with France’s Finance Minister Bruno Le Maire. China’s President Xi Jinping chose France as the first stop on his recent European tour, which was aimed at stabilising his country’s relationship with Europe.
Dimon said geopolitics should be a more important focus than the economy given the turmoil in the Middle East and the war in Ukraine, a comment he’s made before. He highlighted the importance of keeping US allies together given global tensions, adding that he wished the Inflation Reduction Act had been made in collaboration with other nations.
The head of America’s largest bank also reiterated his warning about the US fiscal deficit. He said he doesn’t anticipate a “comeuppance” any time soon but added that if markets force America to deal with the issue, it will have a more “uncomfortable” time. BLOOMBERG
