The West has ‘a good hand in the Chinese economic battlefield, but it doesn’t have to be war’

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The West has ‘a good hand in the Chinese economic battlefield, but it doesn’t have to be war’

The boss of the world’s biggest bank told Sky News that Western economies had a “good hand” in the “economic battlefield” with China, but said it was not necessarily a war.

In a wide-ranging interview with Sky’s Wilfred Frost, JPMorgan Chase chief executive and chairman Jamie Dimon said the West was going to have “tough times” for as long as China had close ties with Russia.

But he added that they were well-positioned because of the resilience of their collective economies and their long-standing partnerships, such as NATO.

Breaking News: Rainy day for iconic British brand as profits suffer

However, he warned of the dangers of fragmentation since then-US President Donald Trump withdrew from the Trans-Pacific Partnership in 2017.

He also said Joe Biden’s administration should have worked with its allies on the effects of his mandate. Inflation Reduction Act.

The massive incentive package to support the green economy has had the effect of pulling investment out of Europe at a time when Russia war in Ukraine dominated the agenda.

The bank boss also warned of a negative reaction from China. American rates against its electric cars and solar panels announced this week, arguing that a common approach by Western powers towards China in general would carry more weight.

Mr. Dimon, who has led JPMorgan since 2005 and is widely considered the most influential boss of a financial services company in the United States, said: “We are competing with China.

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Why is the United States targeting China?

“I think the U.S. government is doing the right thing by being fully engaged. That doesn’t mean the Chinese are going to like everything we do, just like we don’t like everything they do, but It doesn’t have to be war. The competition can be tough and we have to prepare for it.”

“The most important thing,” he added, “is that we do it together.”

“They’re not enemies, you know, but they’re competing. They want a different world than we want. And I think they want a different world than we want in the Western world… something worth fighting for.”

“We all made a little mistake in thinking that after the WTO (World Trade Organization) they would become more Western and things like that. It’s no big deal. Don’t cry over spilled milk,” he concluded.

Mr Dimon was speaking 24 hours after the US-based bank, which has 22,000 employees and a 200-year history in the UK market, announced new £40m investment to help connect youth and underserved communities to economic opportunities.

They followed the opening of a new technology center in Glasgow.

JPMorgan Chase – perhaps best known in this country for its Chase retail division – is the world’s largest bank by market value, with a capitalization of almost $600 billion (£475 billion).

Mr Dimon, who initially criticized Brexit following the UK’s separation from the EU, spoke of the bank’s continued commitment to the country after questioning the future of its UK operations in 2021.

Asked about the looming election, he said discussions with Rishi Sunak and Sir Keir Starmer had left him in no doubt that the Conservatives and Labor were “pro-business”.

He described how growing economies benefit everyone because they allow for investment.

“Everyone I’ve heard… the Conservatives and Labor talk about growing the economy, technology, research and development, simplifying regulations, making it easier to start and grow businesses, to make sure schools educate…these policies work,” he said.

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