The CEO and Chairman of banking giant JPMorgan Chase, Jamie Dimon, doubled down on a strong stance that he’s “not afraid” of America’s seemingly fastest-growing adversary, China.
“I’m not afraid of them… China,” Dimon said in an exclusive interview on “Mornings with Maria” which aired Monday. “First of all, they’re not afraid of us either.”
Noting after a recent visit to China: “Going over there, you get the distinct impression that they are doing their thing, they’re putting a lot of money into AI, cars, robotics. They’re gonna be 30 or 40% of new pharmaceuticals, sometime shortly. They’re going their way, but they have weaknesses.”
On Friday, Dimon took part in a fireside chat during the Reagan National Economic Forum in Simi Valley, California, at the Ronald Reagan Presidential Library, where he underscored, during his address, that he does not view China as America’s top economic or military competitor.
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“I’m not as worried about China,” Dimon said during the panel. “China is a potential adversary. They’re doing a lot of things well, they have a lot of problems. But what I really worry about is us. Can we get our own act together, our own values, our own capability, our own management?”
China’s plethora of problems include “a lot of poverty, a lot of their neighbors re-arming,” and being at odds with U.S. geopolitics, the CEO and chairman expanded with FOX Business’ Maria Bartiromo.
“We’re still the most prosperous economy on the planet,” Dimon pointed out. “But my point, the thing [is] I’m not afraid of them, I’m afraid that we don’t get our own act together internally.”
“If America just does our things right – deregulation, permitting, education, pro-business, grow the economy, help the lower-income folks by growing the economy, fixing immigration… we’ll be in great shape.”
In recent months, the U.S. and China have embarked on a high-stakes tariff war. President Donald Trump had proposed a 145% levy on imported goods, while China took a retaliatory stance with a 125% tariff. Earlier this month, the two nations reached an agreement to lower the tariffs to 30% and 10%, respectively, but China has now accused the U.S. of violating the trade truce.
Both Axios and the BBC reported Monday that China’s Ministry of Commerce asserted during a state media briefing that China is vowing to take “resolute and forceful measures” after claiming Washington issued export control guidelines for AI chips.
Dimon emphasized the importance of protecting clients and their money with their own investments in AI and cybersecurity with a reported $20 billion.
“Cyber is a big deal. China-cyber[security] is a big deal, and we don’t really know what our government does, by the way, but it’s a big deal and we spend a lot of money protecting us and our clients on cyber.”
“There’s like, tectonic plate shifting,” he continued. “National security is a critical thing. So the most important thing, to me, in trade is going to be protecting our own national security.”
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Fox News’ Emma Colton contributed to this report.
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