JPMorgan Chase chief executive Jamie Dimon thinks the US needs to protect critical supply chains heavily reliant on China.
In a new interview with Fox 11 journalist Elex Michaelson, the CEO says the US government needs to prioritize its national security in talks with China.
“America should do what protects national security. That’s unilateral. It’s got nothing to do with trade.
Secure supply chains for penicillin, which we get 100% of from China. Medical ingredients, which we get like 80-90%. Rare earths – rare earths are not rare. They’re everywhere, but [China] has the biggest and cheapest production, so if you’re going to buy them, you’re going to buy them from China. That’s like 80-90%. Well, obviously, we need it to be somewhere else.Â
Then there are things like AI (artificial intelligence), semiconductor chips, things which can help their military, which is perfectly reasonable for us to not to want to help. Then there’s what I could talk about unfair trade – I would focus on strategic unfair trade. I wouldn’t worry that much about furniture, clothes and sneakers and things like that.”Â
The White House announced a trade deal with China over the weekend that saw both countries lower their reciprocal tariffs by 115%.
The markets jumped at the news, with the S&P 500 rising by 3.26% on Monday and the Nasdaq Composite surging by 4.35%.
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