During his participation in the APEC CEO Summit Peru 2024, Jamie Dimon, global CEO of JP Morgan, said that the world is going through “the most complicated geopolitical, military and geoeconomic situation that the world has faced since World War II.”
Dimon assured that this is the scenario that the new US president, Donald Trump, will have to deal with, and I wish him luck. However, then faced with Trump’s announcement that he would not add him to his government, the banker stated: “I haven’t had a boss in 25 years and I’m not ready to start.”
The executive said he is not sure that inflation will be reduced in the United States quickly. “Trump) is inheriting an inflation scenario that I am not so optimistic will dissipate so quickly. It will depend on the Trump administration how they are going to spend the money so as not to cause greater inflation”, he commented.
Dimon also pointed out that the best mechanism to address the debt and deficit problems that some countries have is growth. In addition, he highlighted the relevance of efficiency in public spending. “I applaud any government that says ‘I have to be more efficient.’ An inefficient government is a reason for its citizens to feel dissatisfied. (…) Companies and the government must spend money intelligently,” the executive emphasized.
The executive assured that the United States financial system has had successive years of regulation. “This slows down credit. You can keep banks healthy, but also promote credit (…) The truth is that one can talk to any industry and they can give you examples of how it can be deregulated to promote business, generating more employment and keeping the country safe and the environment clean,” he noted.
The executive recognized that China has relegated the US as the main protagonist of investments in areas such as Latin America. However, he suggested that the North American giant’s companies and the government could make a greater effort to understand the reality of the countries in the region.
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