Jamie Dimon is not a fan of Donald Trump’s approach to trade.
And although he’d probably contend that’s not an entirely accurate assessment of his thinking, a new interview with CNN Money certainly seems to the support the notion that he believes the President and his team are increasingly detached from reality when it comes to global trade and commerce.
“I would remind folks that the president’s team has already said, ‘There will be no retaliation.’ They’ve already been wrong,” Dimon told the network’s Christine Romans, adding that “if I was the president, I’d be a little ticked off at some of my advisers, to tell you the truth.”
Dimon also criticized America’s approach to NAFTA negotiations, going so far as to accuse Trump of “torturing” Mexico.
We want NAFTA done/ To be torturing Mexico in this way, in my opinion, is dead wrong, and it should be fixed.
He also suggested that the correct way to address grievances with China is to marshal support from traditional U.S. allies and present a unified front, that is not confrontational, but rather aimed at constructive dialogue. That, as opposed to simply adopting the most confrontational approach possible in the interest of scoring political points with the Roseanne base ahead of the midterms.
Dimon went on to warn that taking this all the way to it’s logical (or maybe illogical is better) extreme risks negating the benefits of the stimulus:
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.
The following chart reminds you where things stand currently.
Just to put that in context, we’re at risk of taking US protectionism to levels last seen in the mid- 1970s.
On immigration, Dimon’s message was simple. And although you can watch it for yourself at the link above for the details. Here’s the bottom line:
We completely support DACA. We completely support immigrants. They’re law-abiding, taxpayers [and] most Americans like the immigrants they know, who help them and work with them.
Finally, Dimon delivered a little anecdote about the time his daughter suggested he steer clear of commenting on these issues. His response to her:
You can’t take yourself off the playing field.
For those interested in what the campaign promises are going to look like when Jamie Dimon puts himself “on the playing field” for real by making a run at the White House in 2020, we thought this was a good time to republish his annual letter, embedded in full below.