The dispute over trade and escalating tariffs between the U.S. and China are a "trade skirmish" rather than a trade war, Jamie Dimon, chairman and chief executive officer of J.P. Morgan Chase, told.
"It's not a trade war, I call it a trade skirmish," he told.
"The American government, our president, is right to raise the issues (about fair trade practices) with China," he said, although he added that he "may have used a different strategy to go about fixing it."
"It's unclear where we're going to get to," he added.
Dimon's comments came after U.S. President Donald Trump decided to implement further tariffs on Chinese goods. On Monday, he announced a 10 percent tariff on $200 billion worth of Chinese imports. Those duties will rise to 25 percent at the end of the year.In response, China announced tariffs targeting more than 5,000 U.S. products — worth about $60 billion — that will go into effect on September 24. The country has also filed acomplaint to the World Trade Organization (WTO) against the U.S.
Trump appeared to leave the door open for negotiations with China, however, telling reporters during a visit with Poland's president on Tuesday that the U.S. may make a deal with China at some point and that his country is always open to talking.
Dimon said the tariffs would not have that many ramifications for the American consumer or economy.
Source: CNBC
Photo: Pixabay.com
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