JP Morgan CEO asks Trump to stop "torturing" Mexico with NAFTA 2.0

JP Morgan Investment Bank Chief Jamie Dimon on Monday urged the administration of the President of the United States, Donald Trump to conclude the renegotiation of ] North American Free Trade Agreement (NAFTA) and search for other commercial alliances.

"I think Mexico is a great neighbor, we want NAFTA to be done, torturing Mexico in this way is, in my opinion, a mistake and needs to be corrected," he said. executive in an interview with CNN.

Dimon felt that Trump should seek a common alliance to confront China instead of having an attitude of confrontation with his partners in agreement, and others like European Union (EU) and Japan.

In May, the US administration announced the imposition of a 25 percent duty on steel exports from Mexico and Canada to the United States. United States and 10 percent over those of aluminum. He has already done so with Europe and Japan.

The three countries and the European trading block responded by applying tariff measures on various US exports to their markets.

The response was similar on the part of China, which first responded to Trump's decision to impose 25% tariffs on Chinese exports equivalent to 50 billion dollars and then in the United States added another 200 billion.

"What the president should do is work with Mexico, work with Canada, make the TTP (Trans-Pacific Accord) work with our European allies, with our Japanese allies and deal with China Minister of the Economy, Ildefonso Guajardo will travel this week to Washington DC to meet with his counterparts from the United States and Canada in the resumption of negotiations of the United States. NAFTA, in the hope of concluding them in August.

Dimon explained that the market vision shows that the United States is working with partners and allies to confront rivals like China, not to open battle fronts with everyone.
"We now have a kind of trade war, trade skirmishes, as you want to define it, with all our allies and China," he said, describing the strategy as false, since contrary to what the White House waited, all responded to apply the rates.