Jamie Dimon, JPMorgan Chase CEO, in an interview with Bloomberg delivered two most concerning economies. The CEO mentioned tensions between US-China and the war in Ukraine. On television, he said that what he worried the most was Ukraine. It would be more serious to deal with on a day-to-day basis concerning oil, gas, and the leadership of the world.
Russia’s invasion of Ukraine alone, which began a year ago, has brought too much pain for the global economy. The invasion has shocked the global supply chain, energy and food price. These disruptions lead to the surging inflation around the world, in addition to the soaring interest rates from the world’s central banks. Dimon highlighted the war’s impact especially in its relation to China. He stated that this case is actually a more serious geopolitical matter that must be dealt with since World War II.
Currently, Beijing and Moscow relations allow Russia’s economy to be a lifeline. The Chinese government continues to purchase Russian energy, supply the country with machinery and electronics. Plus the Chinese government also supplies base metals, ships, aircraft, and vehicles. Meanwhile, tensions between China and the U.S. have increased since the country competes to dominate the microchip industry. Both countries are also in the middle of debate over tariffs.
The CEO added that JPMorgan Chase will act to improve the relationship between China and the United States. The firm would actively advise and engage with both governments in order to keep cordial relations. He’s hoping that with this effort, both countries could ease the tensions and disputes.