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JPMorgan CEO: US economy is 'strong and it's getting stronger'

In an exclusive interview at the launch of the Chicago Entrepreneurs of Color Fund, JPMorgan Chase CEO Jamie Dimon tells CNN's Christine Romans why he believes the strong economy may be sustainable.

Posted: Jul 24, 2018 3:06 AM
Updated: Jul 24, 2018 3:06 AM

JPMorgan Chase CEO Jamie Dimon is worried the economy's momentum could be derailed by President Donald Trump's trade wars.

"If you do another $200 billion of tariffs and this national security thing about cars, I think that you're getting pretty close to reversing some of the benefits you've seen in the economy," Dimon told CNNMoney's Christine Romans.

Trump has announced pending tariffs on Chinese goods worth $200 billion, as well as potential tariffs on imports of autos and auto parts.

Dimon is probably America's most influential bank CEO. He is the longest serving chief executive on Wall Street and heads the powerful Business Roundtable. Dimon spoke with CNNMoney last Thursday in an interview that touched on trade, education, immigration and Trump.

On China, Dimon said, Trump has "raised serious issues that are pretty accurate." But his tactics pose risks, and have the potential to dial back gains from corporate tax cuts, he said.

"I would remind folks that's the president's team has already said, 'There will be no retaliation.' They've already been wrong," Dimon said. "If I was the president, I'd be a little ticked off at some of my advisers, to tell you the truth."

On trade: 'Our next step' is not clear

Dimon said it's too early to know whether tariffs will undo the economy's gains, but that such a reversal is "possible."

Earlier this year, the United States imposed steep tariffs on steel and aluminum imports, angering allies such as Canada, Mexico and the European Union, which retaliated with tariffs of their own. The United States and China have swapped tariffs on billions of dollars of each other's goods, and Trump is threatening to strike again at even more Chinese exports.

Dimon said issues like Chinese intellectual property theft would have been better addressed by forming a "common front" with US allies such as Mexico, Canada, Europe and Japan.

"Now we have a little bit of a trade war, [a] trade skirmish — however you want to define it — with all our allies and China," he said. "That's complex. It raises the uncertainty a little bit."

While China will probably stick to "measured, tit-for-tat retaliation," it's not clear what the United States will do next, Dimon added.

"I just don't know what our next step is going to be," he said. "We're all anxiously waiting to see."

Dimon also said he wants the United States to wrap up negotiations on the North American Free Trade Agreement.

"We want NAFTA done," he said. "To be torturing Mexico in this way, in my opinion, is dead wrong, and it should be fixed."

On immigration: Worried about the brain drain

Dimon reiterated his support for DACA, the Obama-era program that allowed undocumented immigrants brought to the United States as children to live and work domestically without fear of deportation.

"Most Americans like the immigrants they know, who help them and work with them," he said. "We need the jobs."

He also expressed concern about a US brain drain. Foreign nationals who go to college or graduate school in the United States should be awarded green cards after graduation, Dimon said.

"In Toronto, Vancouver, they're saying, 'We'll take them all,'" he said. "So you have these new research centers, new AI centers, and new [engineering] and design centers that are being built in Vancouver and Toronto, and not in Seattle. That can't be smart."

On infrastructure and education: 'Declare an emergency'

The United States remains the best place in the world to do business, Dimon said. But he believes the country has lost its way on infrastructure and education.

"We have a national emergency in inner city schools," Dimon said, adding that he would "do infrastructure and education like World War II" and "declare an emergency."

"It isn't like we haven't been trying a little bit, but we need success at this point," he said.

In recent years, JPMorgan has focused a good chunk of its giving on economic development in underserved communities.

On Thursday, the bank announced that it would invest $4 million to provide minority entrepreneurs on Chicago's South Side and West Side with the money and resources necessary to get their businesses off the ground, replicating funds the company set up in Detroit, San Francisco and New York City.

"We know what to do, and we have to do more of it," Dimon said.

On Trump

Dimon said he doesn't agree with all the president's policies, but believes he has an obligation to engage. "You can't take yourself off the playing field," he said.

Businesses can work with an administration without supporting all its policies, he added.

"I think it's a mistake to say that because business is trying to work with government that they're supporting every policy of the government," he said. "That just is not true."

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 308737

Reported Deaths: 7139
CountyCasesDeaths
DeSoto20931250
Hinds19961410
Harrison17562303
Rankin13369277
Jackson13156243
Madison9950212
Lee9890170
Jones8310161
Forrest7542148
Lauderdale7221237
Lowndes6289144
Lamar613384
Lafayette6072117
Washington5291133
Bolivar4776129
Oktibbeha457197
Panola4458103
Pearl River4437141
Warren4299119
Marshall4286102
Pontotoc417572
Monroe4062132
Union404675
Neshoba4005176
Lincoln3886109
Hancock373385
Leflore3471124
Sunflower331589
Tate325384
Pike3215105
Scott311472
Yazoo305069
Alcorn299465
Itawamba297877
Copiah293965
Coahoma290479
Simpson289586
Tippah285168
Prentiss276659
Marion266279
Leake261773
Wayne261541
Grenada256484
Covington255280
Adams246982
Newton245761
George238547
Winston226081
Tishomingo222567
Jasper220048
Attala213673
Chickasaw205457
Holmes187172
Clay183254
Stone179733
Clarke177776
Tallahatchie176140
Calhoun165431
Yalobusha160136
Smith159334
Walthall131043
Greene129633
Lawrence126623
Noxubee126534
Montgomery125742
Perry125238
Carroll120926
Amite120741
Webster113832
Jefferson Davis105532
Tunica103225
Claiborne101330
Benton97525
Kemper95628
Humphreys94632
Franklin82923
Quitman78916
Choctaw73917
Wilkinson65128
Jefferson64828
Sharkey49817
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 521623

Reported Deaths: 10739
CountyCasesDeaths
Jefferson754061493
Mobile39067799
Madison34040496
Tuscaloosa25367444
Montgomery24019567
Shelby23186239
Baldwin20701302
Lee15589165
Calhoun14342311
Morgan14158271
Etowah13685346
Marshall11995220
Houston10404278
Elmore10011200
Limestone9852147
Cullman9503189
St. Clair9463234
Lauderdale9265228
DeKalb8757181
Talladega8115171
Walker7139275
Jackson6756110
Autauga6750103
Blount6519134
Colbert6229130
Coffee5424113
Dale4772111
Russell430038
Franklin420782
Chilton4101109
Covington4061114
Tallapoosa3907146
Escambia390174
Dallas3525149
Chambers3514122
Clarke347060
Marion3072100
Pike306176
Lawrence295995
Winston273172
Bibb256059
Marengo248361
Geneva246075
Pickens233259
Barbour226455
Hale218575
Butler212967
Fayette209460
Henry188044
Cherokee182644
Randolph177241
Monroe172540
Washington165238
Macon155648
Clay150155
Crenshaw149457
Cleburne146741
Lamar139734
Lowndes136553
Wilcox124427
Bullock121640
Conecuh109428
Perry107626
Sumter103232
Coosa99428
Greene91434
Choctaw58824
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