On Monday, JPMorgan Chase CEO Jamie Dimon said the Ukraine invasion and US-China relations are two of the largest economic concerns.
The thing I worry the most about is Ukraine. It’s oil, gas, the leadership of the world, and our relationship with China, that is much more serious than the economic vibrations that we all have to deal with on a day-to-day basis.”
Jamie Dimon told Bloomberg Television in an interview
Russia’s invasion of Ukraine started more than a year ago and has disturbed the global economy, leading to energy and food price shocks, along with global supply chain disturbances that fueled surging inflation across the world and led to hurting interest rate hikes from the world’s central banks.
This is the most serious geopolitical thing we’ve had to deal with since World War II.”
Dimon-highlighting the war’s impact on its relations with China.
China appreciates a close relationship with Russia, and the Chinese government has been buying Russian energy and supplying machinery, electronics, base metals, vehicles, ships, and aircraft, throwing the Kremlin an economic lifeline.
In recent months, anxieties between the United States and China have risen as the countries contend for control of the microchip industry and dispute over taxes, US aid for Taiwan, and potential spy balloons.
JPMorgan Chase is taking an active role in improving the relationship between the United States and China by advising and engaging with both governments on keeping cordial relations.
He’s hoping that “cooler heads prevail” but he doesn’t believe a business solution exists to ease growing disputes. While JPMorgan Chase does a fair share of business with Beijing, it’s the government, not a private enterprise, that has to smooth tensions.
Dimon said.
Dimon added that he believes the war in Ukraine could continue for years to come
