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NEW YORK (CNNMoney) –
JPMorgan Chase's CEO, Jamie Dimon, worries that the momentum of the US economy could derail due to the president's trade wars Trump.
"If you put in $ 200 billion more in tariffs and this national security on cars, I think you'll be pretty close to reversing some of the benefits that have been seen in the economy," he said. Dimon to Christine Romans of ] Trump has announced outstanding tariffs for $ 200 billion of additional Chinese goods, as well as potential tariffs on imports of automobiles and auto parts.
Dimon is probably the most influential CEO in the United States. He is the longest serving director on Wall Street and runs the powerful Business Roundtable.
Dimon spoke with CNNMoney last Thursday in an interview on issues of Commerce, Education, Immigration and Trump
Read: 3 Implications of A NAFTA without Canada
On China, Dimon said that the US president had "given rise to problems that are quite accurate." But their tactics pose risks and have the potential to roll back the profits of tax cuts.
"I would like to remind everyone that the President's team has already said" There will be no retaliation "and they have already made a mistake.If I was the president, I would be a little upset by some of my advisers, to be honest, "he said.
On the trade:" Our next step "is not clear
Dimon said that it is too early to know if tariffs will wipe out the benefits of the economy, but that investment is "possible."
Earlier this year, the United States imposed steep tariffs on steel and aluminum imports, irritating allies like Canada, Mexico and the European Union who took their own tariff measures.
US and China traded tariffs on billions of dollars in products on the other, and Trump threatens to hit more Chinese exports.
Dimon has clarified that issues such as theft of intellectual property by China could have been better addressed by forming a "common front" with US allies, such as Mexico, Canada, Europe and Japan. we have a small trade war, [una] trade conflict, but you want to define it, with all our allies and China, it's complex, it increases a little uncertainty, "he said. says
. "We do not know what the United States will do next," said Dimon.
"I do not know what will be our next step, we are all anxiously awaiting," he admitted.
Mr. Dimon also wants the United States to conclude the negotiations on the North American Free Trade (NAFTA).
"We want NAFTA to be ready, to torture Mexico in this way, in my opinion, is completely false, and should be repaired," he said.
On immigration: worried about brain drain
Support for the DACA program of the Obama era, which allowed undocumented immigrants to live and work in the United States, is fear of deportation
"Most Americans like the immigrants they know, those who help them, and with those who work, we need jobs," he said.
He also said he was concerned about the brain drain of the United States. He said that foreigners who go to university in the United States should receive their work permit after graduation.
"In Toronto, Vancouver, they say," We take them all. So you have new research centers, new AI centers, and new design (and engineering) centers under construction in Vancouver and Toronto. In Seattle, this can not be smart, "he said.
On Infrastructure and Education:" Declare State of Emergency "
States United States remains the best place in the world to do business, according to Dimon.The country has lost its way in terms of infrastructure and education.
"We have a situation of national emergency in schools in the urban area, "he added.
He added that he would make infrastructure and education like during the Second World War." State the state of # 39; emergency. It's not like we have not tried a bit, but we need a win right now. "
In recent years, JPMorgan has directed much of its charity to the economic development of marginalized communities.
On Thursday, the bank announced an investment of $ 4 million to provide minority entrepreneurs in the South and from west Chicago the money and resources needed to grow their business, replicating funds established in Detroit., San Francisco and New York City.
"We know what to do and we have to do more, "said Dimon.
About Trump
Dimon said that he did not agree with all the president's policies, but believes that he has the obligation to participate. "
" I think it's a mistake to say that because companies try to work with the government, they support all policies. the policies of this government. not true. "
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