Trump defeats JPMorgan’s Dimon over China threat: He is ‘no patriot’

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Former President Donald Trump argues JPMorgan Chase CEO Jamie Dimon is only concerned about his company’s shareholders and profits.

Former President Donald Trump slammed JPMorgan Chase CEO Jamie Dimon in an interview with FOX Business’s “Mornings with Maria” on Wednesday for his stance on doing business in China, arguing he was “unpatriotic.”

Trump made the comments reacting to Maria Bartiromo’s host exclusive interview with JPMorgan Chase CEO this month, in which he defended his company’s move to do business in China.

Bartiromo asked Dimon about the company’s business dealings in the region, paying attention to the issue of national security. He asked Dimon if the expansion was “just about the money.”

“No, of course not,” Dimon replied. “I’m a patriot way before worrying about any money or anything like that or about JPMorgan per se.”

“You have to think that U.S. foreign policy is set by the U.S. government,” he continued. “If you start telling companies that they should be saying their own foreign policy, you’re really making a big mistake for the United States.”

Bartiromo also asked Dimon, “Do you believe that JPMorgan will be managing JPMorgan China?”

“Yes,” he replied, noting that the bank does not share its data with the Chinese government.

He also told Bartiromo during the interview that he was “not worried about China like everyone else.”

“America will be the richest country on the planet. They will be smaller than China, but still richer in 20 years,” Dimon added.

He also added that “if it has to do with national security, the American government will tell me what I should do and I will salute,” which he reiterated was “a patriotic approach before I run JPMorgan.”

On Wednesday, Trump responded to Dimon’s comments to Bartiromo saying, “Jamie Dimon is not a patriot, not me he is not. He went out to make some money for his company.”

Trump said he knew Dimon “well” and stressed that “he’s not a patriot.”

“He’s a patriot to his stockholders and that’s okay,” Trump added.

Last Update Ticker Security Change% JPM JPMORGAN CHASE & CO. 157.47 +0.05 + 0.03%

The former president said “China is not our friend,” but pointed out that “it’s really nice of them to go in line because I pay tariffs to companies you don’t trust” and “punishing people with companies like you will not believe. . ”

The 45th president of the United States maintained a tough stance on China during his presidency. In January, two weeks before leaving office, Trump signed an executive order banning transactions in eight Chinese software applications, including Ant Group’s Alipay mobile payment app, Reuters reported as the White House .

“A lot of companies, like Huawei, I won’t allow to enter this country,” Trump told Bartiromo on Wednesday. “I also got other countries not to do it.”

In May 2019, Trump signed an executive order banning U.S. companies from using telecommunication companies deemed a risk to national security, a measure targeted at both current and future liability and one that is expected to affect China’s Huawei Tech.

The move comes amid increasing scrutiny of China’s telecom companies. The Federal Communications Commission voted to reject China Mobile in the U.S. market and the Department of Justice in January 2019 charged Huawei with stealing U.S. trade secrets, along with allegations of bank fraud and breaches of punishment of Iran.

JPMorgan Chase CEO Jamie Dimon talks about business concerns with China, commodities, US-China relations and investment in Chinese companies.

In a statement from the White House, it noted that “The President clarified that this Administration will do what is necessary to keep America safe and prosperous, and protect America from foreign adversaries who are active and increasingly creating and exploiting vulnerabilities. in information infrastructure and infrastructure technologies and services in the United States … “

The Trump administration has forced foreign governments to ban Huawei from pending networks amid allegations that the firm serves as a conduit for Chinese intelligence and is closely linked to the communist government, the company said.

JPMORGAN CEO ON STATE OF ECONOMY: ‘WE MUST WANT TO GROW’

In conjunction with Trump’s efforts, Congress has previously banned government agencies from using equipment from Huawei, prompting the firm to sue the federal government.

Huawei has risen to fame by offering cheaper products than competitors, which critics say is only possible through subsidies and other financial incentives from the Chinese government.

Trump told Bartiromo on Wednesday that Russia and Europe are also not friends of America.

“Jamie Dimon is great compared to Europe,” Trump added. “Our friend is not Europe.”

Trump argued that Europe “takes advantage” of the US and “doesn’t buy” American products.

Former President Donald Trump has said the border crisis is increasing national security risks as the 20th anniversary of the September 11 attacks approaches.

While Dimon told Bartiromo JPMorgan that it does not share its data with the Chinese government, he acknowledged that data sharing is a “real issue” in the country as a whole.

Last Update Ticker Security Change% DIDI DIDI GLOBAL INC 8.04 -0.43 -5.14%

Dimon said he could make business decisions in China based on the Didi Global IPO, where shares plummeted after the Beijing government launched a regulatory campaign against the ride -sharing giant.

When asked about how much money his firm, which Uber underwrote China’s IPO, had lost, Dimon dismissed the situation as “life on the fast line.”

However, the CEO said the situation “could” upset him when considering doing 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 the public debut in trade, 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 concentrated inaccuracies in how the company collects and stores personal data.

Shares lost billions of market value in the first few days of trading.

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As a result of the IPO, regulators in China indicated that there would be a larger scrutiny of companies listed on overseas exchanges. The move also prompted backlash from US investors in these companies.

Firms representing shareholders have filed class-action lawsuits against Didi and its underwriters, alleging the misleading statements were made prior to the initial public offer.

In addition to JPMorgan Chase, Goldman Sachs and Morgan Stanley are also major underwriters on the deal.

The IPO raised $ 4 billion.

Rosecliff Founder and Managing Partner Mike Murphy is responding in China to the collapse of Didi Global, arguing investors need to be careful about ‘new issues’ with new companies entering the market.

On Wednesday, Bartiromo asked Trump if he still believes investors should avoid investing in Chinese companies. He responded by saying America should avoid investing in the region “until we have relations with China” and noted that he has “good relations” with Chinese President Xi Jinping.

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FOX Business ’Joe Williams contributed to this report.

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