Trump rips JPMorgan's Dimon over China threat: He is 'no patriot'
Trump slams Jamie Dimon over China dealings: He’s ‘not a patriot’
Former President Donald Trump argues JPMorgan Chase CEO Jamie Dimon is solely concerned about his company’s shareholders and profits.
Former President Donald Trump slammed JPMorgan Chase CEO Jamie Dimon during an interview on FOX Business' "Mornings with Maria" on Wednesday for his stance on doing business in China, arguing that he is "no patriot."
Trump made the comments reacting to host Maria Bartiromo’s exclusive interview with the JPMorgan Chase CEO earlier this month, where he defended his company's move to do business in China.
Bartiromo asked Dimon about the company's business dealings in the region, noting the national security issue. She asked Dimon if the expansion is "just about money."
"No, of course not," Dimon responded. "I’m a patriot way before I worry about any money or anything like that or about JPMorgan per se."
"You should imagine that foreign policy of the United States is set by the government of the United States," he continued. "If you start telling companies that they should be saying their own foreign policy, you are actually making a huge error for the United States."
Bartiromo also asked Dimon, "Do you really believe JPMorgan’s going to be in charge of JPMorgan China?"
"Yes," he responded, noting that the bank does not share its data with the Chinese government.
He also told Bartiromo during the interview that he is "not as worried about China as everybody else."
"America will still be the most prosperous nation on the planet. They’ll be smaller than China, but still far more prosperous in 20 years," Dimon added.
He also added that "if it relates to national security, the American government is going to tell me what to do and I will salute," reiterating that he is "a patriot way before I run JPMorgan."
On Wednesday, Trump responded to Dimon's comments to Bartiromo saying, "Jamie Dimon is not a patriot, not to me he is not. He is out to make a buck for his company."
Trump said that he knows Dimon "well" and stressed that "he’s no patriot."
"He’s a patriot to his stockholders and that’s fine," Trump added.
|JPM||JPMORGAN CHASE & CO.||157.71||+0.29||+0.18%|
The former president then said that "China is not our friend," but pointed out that "they were coming into line really nicely because I was tariffing companies like you wouldn’t believe" and "sanctioning people in companies like you wouldn’t believe."
The 45th president of the United States had maintained a tough stance on China during his presidency. In January, two weeks before leaving office, Trump signed an executive order banning transactions with eight Chinese software applications, including Ant Group's Alipay mobile payment app, Reuters reported the White House said.
"Many companies, like Huawei, I wouldn’t let come into this country," Trump told Bartiromo on Wednesday. "I also got other countries not to do it."
In May 2019, Trump signed an executive order to bar U.S. companies from using telecommunications firms deemed a national security risk, a move targeted at both present and future liabilities and one that was poised to affect China’s Huawei Tech.
The move came amid increasing scrutiny of Chinese telecom firms. The Federal Communications Commission had voted to deny China Mobile to the U.S. market and the Justice Department in January 2019 charged Huawei with the theft of U.S. trade secrets, along with allegations of bank fraud and violations of Iran sanctions.
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In a statement from the White House, it was noted that "The President has made it clear that this Administration will do what it takes to keep America safe and prosperous, and to protect America from foreign adversaries who are actively and increasingly creating and exploiting vulnerabilities in information and communications technology infrastructure and services in the United States…"
The Trump administration had been pressuring foreign governments to ban Huawei from the pending networks amid allegations that the firm acts as a conduit for Chinese espionage and is closely tied to the communist government, claims the company had denied.
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Alongside Trump's efforts, Congress previously banned government agencies from using equipment from Huawei, prompting the firm to sue the federal government.
Huawei rose to prominence by offering cheaper products than competitors, which critics say is possible only through subsidies and other financial incentives from the Chinese government.
Trump told Bartiromo on Wednesday that Russia and Europe are also not America’s friends.
"Jamie Dimon is good compared to Europe," Trump added. "Europe is not a friend of ours."
Trump argued that Europe "takes advantage" of the U.S. and "don’t buy" American products.
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While Dimon told Bartiromo JPMorgan does not share its data with the Chinese government, he did acknowledge that data sharing is a "real issue" in the country overall.
|DIDI||DIDI GLOBAL INC||7.96||-0.51||-5.96%|
Dimon said he might make business decisions in China differently based on the Didi Global IPO, shares of which plunged after the government in Beijing launched a regulatory campaign against the ride-sharing giant.
When asked about how much money his firm, which underwrote the Uber of China IPO, lost, Dimon shrugged off the situation as "life in the fast lane."
The CEO, however, said he "might" be swayed by the situation when considering doing work on the next big deal in China.
Didi Global, Inc., a Chinese ride-sharing company, went public in June on the New York Stock Exchange. But shortly after its public trading debut, regulators in China launched a data security probe and banned the company from app stores. The actions were taken by the Chinese government based on an investigation that found purported flaws in how the company collected and stored personal data.
Shares lost billions in market value during the first few days of trading.
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In the aftermath of the IPO, regulators in China indicated there would be greater scrutiny of companies listed on overseas exchanges. The move also prompted backlash from U.S. investors in these companies.
Firms that represent shareholders have filed class-action lawsuits against Didi and its underwriters, alleging that misleading statements were made in the lead-up to the initial public offering.
In addition to JPMorgan Chase, Goldman Sachs and Morgan Stanley were also primary underwriters on the deal.
The IPO raised $4 billion.
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On Wednesday, Bartiromo asked Trump if he still believes investors should avoid investing in Chinese companies. He responded by saying that America should avoid investing in the region "until we develop relations with China" and noted that he had a "great relationship" with Chinese President Xi Jinping.
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FOX Business’ Joe Williams contributed to this report.
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