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In an increasingly fraught political environment, JPMorgan CEO Jamie Dimon is steering clear of any \u201cbinary\u201d outlooks.<\/p>\n
Macroeconomic and foreign policy out of the White House under Trump 2.0 has divided opinion: Critics have blasted his tariff plans as \u201cbullying,\u201d while advocates believe the Oval Office is merely righting unfair trade practices.<\/p>\n
The Wall Street titan is keen to find a middle ground, particularly if the outcome of some policies remains unclear. Speaking at the World Economic Forum meeting in Davos, Switzerland, this week, Dimon repeatedly said he wanted to avoid drawing \u201cbinary\u201d conclusions about the economy and the impact of foreign policy.<\/p>\n
Even on White House policies he believes would be a \u201cdisaster,\u201d he said he was still open to the idea of an experiment. For example, President Donald Trump is pressuring U.S. lawmakers to pass legislation to limit credit card rates to 10%, having appealed to banks on social media to voluntarily sign up to the agreement.<\/p>\n
\u201cIt would be an economic disaster,\u201d Dimon told the Davos audience, suggesting it would remove credit lines for 80% of Americans. A study released Monday by the American Bankers Association found 74% to 85%\u00a0of open credit card accounts nationwide would be closed or have their credit lines drastically reduced if the cap was brought in\u2014up to\u00a0159 million cardholders. <\/p>\n
Even then, \u201cI have a great idea,\u201d Dimon said. \u201cSince there\u2019s a huge disagreement on this one \u2026 I think we should test it.\u201d<\/p>\n
The CEO of America\u2019s biggest bank said he was confident JPMorgan would survive such an event, adding: \u201cThe people crying the most won\u2019t be the credit card companies. It\u2019ll be the restaurants, the retailers, the travel companies, the schools, the municipalities\u2014because people [will] miss their water payments, this payment, that payment.\u201d<\/p>\n
\u201cThey should test it,\u201d he added.<\/p>\n
Trump has raised eyebrows even further in the past few weeks alone, on account of his foreign policy demands. This has included threatening tariffs on a bevy of European countries that opposed his bid to acquire Greenland.<\/p>\n
While those threats have since been rolled back, Trump shared some similarly controversial opinions about NATO. The president has previously threatened to leave the military alliance, and also claimed in his speech at Davos this week: \u201cThe United States is treated very unfairly by NATO. When you think about it, nobody can dispute it. We give so much, and we get so little in return.<\/p>\n
\u201cAnd I\u2019ve been a critic of NATO for many years, and yet I\u2019ve done more to help NATO than any other president, by far than any other person,\u201d he added. \u201cYou wouldn\u2019t have NATO if I didn\u2019t get involved in my first term.\u201d<\/p>\n
Asked whether Trump\u2019s approach had made the NATO alliance stronger or weaker, 69-year-old Dimon said the answer wasn\u2019t as \u201cbinary\u201d as that.<\/p>\n
He explained highlighting NATO\u2019s weaknesses and areas for improvement was understandable, but countered: \u201cI think it\u2019s okay to point out; I would be more polite about it, about the weaknesses of Europe, what they need to do. But if the goal is to make them stronger as opposed to fragment Europe, then I think that\u2019s okay.\u201d<\/p>\n
An aversion to political polarization is something of an anomaly in the current political climate. In July, Pew Research published a study that found 80% of Americans say Republican and Democratic voters not only disagree on important challenges facing the country, but also on basic facts. <\/p>\n
Dimon also refused to comment on whether or not there was a \u201cculture of fear\u201d among U.S. business leaders when it comes to criticizing the administration. The question, which drew applause from the audience, prompted some blunt feedback for those whom Dimon labeled the \u201cDavos elite.\u201d <\/p>\n
\u201cI\u2019ve been coming to Davos all these years and listen to chatter and stuff like that,\u201d he said. \u201cAnd you didn\u2019t do a particularly good job making the world a better place. I think it\u2019s great we get together and talk.\u201d<\/p>\n
Striving for a balanced view has been a hallmark of Dimon\u2019s since Trump won the Oval Office, and has established the CEO\u2014who himself has been tipped for a career on Capitol Hill from the Oval Office to the Federal Reserve\u2014as something of a critical friend to the White House.<\/p>\n
He has backed some policies, for example, saying the White House was right to address trade imbalances between the U.S. and its partners. He told\u00a0Fox\u00a0in an interview in May that at first, he thought tariff rhetoric was \u201ctoo large, too big, and too aggressive\u00a0when it started.\u201d\u00a0<\/p>\n
However, he was concerned by the Oval Office\u2019s\u00a0proclamation\u00a0imposing a new $100,000 fee for H-1B visas. The specialist visas let U.S. employers temporarily hire non-U.S. workers, typically for specialized tech-sector jobs, and have been held by some of\u00a0Silicon Valley\u2019s most notable names.<\/p>\n
\u201cI would beg the president,\u201d he\u00a0told CNBC at JPMorgan\u2019s\u00a010th annual India Investor Conference in September. \u201cWe should have good immigration. I think there will be some pushback on the H-1Bs.\u201d<\/p>\n
The banker robustly summarized his views at Davos as being a \u201cglobalist.\u201d He said: \u201cI\u2019ve made it clear I want a stronger NATO, a stronger Europe. Some of the things Trump has done are causing that, some are not. I\u2019m not a tariff guy, though I\u2019d use it in [some] cases. I think they should change their approach to immigration. I\u2019ve said it.\u201d<\/p>\n<\/div>\n
#JPMorgan #CEO #Jamie #Dimon #binary #political #polarization<\/p>\n","protected":false},"excerpt":{"rendered":"
In an increasingly fraught pol… <\/p>\n","protected":false},"author":1,"featured_media":14917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[10100,529,9404,1130,486,875,1128,1129,10101,2437,490,491],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/14916"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14916"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/14916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/14917"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}