After Jamie Dimon warned about the escalated trade conflict last week before a recession in the USA, the most renowned US bank boss is adding. In an interview with the British newspaper “Financial Times”, Dimon said Donald Trump’s trade war threatened to undermine the credibility of the United States. The Dimon, who turned 69 in March, asked the Trump administration to quickly contact China. “I don’t think there is a commitment at the moment.” For Dimon, who has been running the largest US bank JP Morgan since 2005, the United States runs the risk of losing its priority. The financial markets are unsettled by the customs conflict, but also by attacks by the Trump administration to important regulatory authorities and institutions. This was shown in the past week of a strong loss of value of US state bonds and a devaluation of the dollar, both of them benefited differently than usual during the sharp correction on the stock market, which was considered in many places as a vote of distrust of the financial markets. “We should not be cautious. So it shouldn’t worry about it, ”said Dimon, referring to the Republican President Trump, whom some Evangelical supporters like a messianic liberator worship. The JP Morgan boss admitted that many corporate drivers in the United States initially underestimated the customs conflict. The reciprocal tariffs against almost all countries were “dramatically different” on April 2 on April 2 on the so -called day of the liberation (“Liberation Day”): “far beyond what people expected,” says Dimon. He and other board heads allegedly called in the White House and thus contributed to the fact that these tariffs were suspended for 90 days. According to Dimon’s view, Finance Minister Scott Bessent is to solve the further escalated customs conflict with the system rival China and also negotiate with the allies on tariffs. Besser is “an adult”. “I know him a bit,” said Dimon of the FT.Neben Dimon also the bankers David Solomon (Goldman Sachs) and Charlie Scharf (Wells Fargo) critically commented on the trade conflict this week – but more carefully than dimon. Solomon, for example, said the Trump administration may recognize that only “few other countries benefited from the global trade regulations after the Second World War” as the USA. The Solomon, who has run the Goldman Sachs since 2018 this year, named the dollar and the depth of the US capital market as important drivers, for example for the business with corporate purchases and take over (M&A) and IPO (IPO). As can be seen from the business figures of the US large banks presented in the past few days, this lucrative business has already suffered from the course fluctuations in the stock market between January and March. However, it only got really turbulent there from April 2. The large banks benefited from this with high income in stock trading. However, the bankers of the banking chief have been unanimous of a new market constitution since April and wanted more stability. David Solomonreuterschon This March the consumer confidence measured by the University of Michigan has fallen to the second lowest stand every month. Only during Corona was it even lower in June 2022. Because many Americans are over -indebted and a recession is threatened, the banks are already reporting more about loans at risk.
