Director of JPMorgan says that the economy endangered us “enemy within” star-news.press/wp

The CEO of JPMorgan Chase Jamie Dimon characterized the right threats to the long-term health of the American economy as internal, not those represented by any foreign nation.

Speaking Reagan National Economic Forum in California on Friday, Dimon said that “tectonic tables” geopolitics and global economies are moved, and that the biggest problem is essentially “enemy within”.

“I’m not that worried about China. China is a potential opponent – they do a lot of things, they have a lot of problems,” he said. “But what I really worry is us. Can we have our own act together – your own values, your own ability, own management.”

Why is it important

Dimon’s comments come as American grips along the threat of recession and spreads the deterioration of his economic appearance. In addition to the weak confidence of consumers and fears due to inflation, US administration’s trade policy have resulted in significant market volatility and raised concerns that the economy could bring closer to great decline.

Despite the 90-day tariff breaks agreed between 12. May, the negotiations of the two countries did not result in material progress, and recent accusations of violations of additional and aggressive administration for receipt of potential.

What to know

Dimon defined “enemies from within” as a wide combination of economic lack of state level, regulatory grinds, shortcomings in school and health systems, while mentioning several other difficulties, including permanent risk of the US economy in the recession.

As he agreed from the Outgoing Director of the Berkshire Hathaway’s Security Center, and American and his economy remain “Dimon added,” This time it is different. This time we have to get our act together and we have to do it very quickly. “

In addition to geopolitics and proxy activity and nuclear countries such as North Korea, he said another “tectonic removal” was held in the global economy, and the American continuous ability to engage and maintain friendly economic relations with their trading partners.

He said the priority over the next weeks and months – during the break on reciprocal tariffs and the temporary reduction in Chinese rates – the principle agreements with “15 important” partners should be reached without specifying the nations in question.

“I’d hire a China,” he added. “I just got back from China last week. They don’t scare, people. This term will be reached in America – I wouldn’t count on it.”

Despite the reciprocation, they agreed last month, negotiations between the two largest economies in the world were “slightly stopped,” the SCOTT-Nonsent Treasury Minister said. In addition, the President Trump on Friday accused Beijing “completely” violating the breaks of the break in 90 days, signaling the potential reactions of the trade conflict.

What do people say

JPMorgan CEO Dimon On Friday he said, “We are not currently a team, and we don’t cooperate, we don’t talk to our politics. – And that is the enemy in what we need to improve our permits, our regulations, our taxable.”

“But the most important thing is to maintain those military alliances. Spend everything you have to spend to have the strongest army in the world,” he added. “And I hope the goal of the Adut Administration is this: Keep Western military alliances together.”

President TrumpThrough the truth of social on Friday, he said, “Due to this agreement, everything was quickly stabilized and China returned to business as usual. That’s what China may not be surprisingly with us. So much for the Lord is the most beautiful guy!”

What happens next?

Trump’s 90-day suspension of reciprocal tariffs should have expired 8. July, while China will end up in August – although both remain undergoing potential failure.