And this is the message the Wall Street billionaire wants the US to remember, saying the US needs to “take a deep breath” when it comes to its relationship with China.
“We have all the food, water and energy we need,” Dimon said. wall street journal Interview published yesterday.
Dimon also noted that the two countries are separated by a vast ocean, and there is no war in the Americas that would heighten geopolitical tensions.
Although the United States is self-sufficient in many of its own resources, the 68-year-old pointed out: “China imports 11 million barrels of oil per day. They are very complicated neighbors. Their own actions are rearming all their neighbors. Their GDP per capita is $15,000. versus our $80,000. So we're in a very good position.”
In fact, the difference in per capita GDP between China and the United States is even larger than Dimon stated. According to the International Monetary Fund, China's GDP per capita is about $13,000, compared to the United States' GDP of more than $85,000.
With that perspective in mind, Dimon said, “We need to restructure trade around national security.”
This is a warning he gave earlier. In a letter to his shareholders in 2023, Mr. Dimon wrote that the United States' dependence on China for its national security was the “most important” aspect of the issue.
“The United States cannot rely on potential adversaries for supplies essential to national security,” he explained.
“Think rare earths, 5G, semiconductors, penicillin, essential materials for essential medicines, among others. We also cannot share critical technologies that could enhance our adversaries' military capabilities.”
But “they need oil and gas,” Dimon noted.
“So I'm going to negotiate with them on all of that,” the Wall Street veteran said, adding that he was glad the U.S. seemed to be doing so.
“It's hard to build great relationships.”
Dimon said it's difficult for the U.S. and China to have a “great” relationship at this point, given their particular geopolitical alliances.
This week, China was told by NATO Secretary-General Jens Stoltenberg that if it wants to build relations with the West, it must stop supporting Russia's war in Ukraine.
During a visit to Berlin this week, Stoltenberg said China was helping to support Russia's economy by sharing semiconductors and other technologies.
According to Reuters, Stoltenberg said Russia imports 90% of the microelectronics needed for missiles, tanks and aircraft from China. The Chinese government is also helping Russia improve its satellite and imaging capabilities, he added.
“China says it wants good relations with the West. At the same time, the Chinese government continues to foment Europe's largest armed conflict since World War II. You can't have it both ways. '' Stoltenberg said.
Dimon echoed this sentiment, saying, “I think it's very difficult to have a great relationship with Ukraine as long as they exist and are doing everything to aid and abet them.”
“I'm glad the government has the power to do certain things,” he added. “In fact, if some of these things are true, then yeah, they should impose some kind of sanction. But they should expect some kind of return.”
This week, WSJ The United States is developing sanctions that threaten to cut off some Chinese banks from the global financial system in a bid to curb ties between China and Russia, the report said, citing people familiar with the matter.
What happens if Russia wins?
Dimon, who was paid $36 million for his work in 2023, has repeatedly said the biggest threat to the global economy is geopolitics.
Last September, Dimon told CNBC affiliate CNBC TV-18: [Russia’s war in Ukraine] Almost since World War II. ”
And if Putin defeats Zelensky, it could be a “potential disaster,” Dimon said this week.
“This is the first war in which Europe, a free democracy, was invaded by 200,000 or 300,000 Russian soldiers under nuclear threat.
“There has never been a nuclear threat before. This also tells the whole world that having nuclear weapons might be a good thing, because people will be afraid of you and the Because you can abuse your neighbor if you feel like it,” the street veteran continued.
But Dimon said a Russian victory could also realign global power, leaving other countries wondering whether the U.S. will help them, whether militarily or economically. Stated.
“I'm a little worried that if Russia wins that war, we're going to see the world go into a little bit of chaos as people readjust their alliances and their economic relationships,” he said. I concluded.