Trump threatens 100% tariffs on BRICS nations over US dollar replacement plans
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Starlord
Trusted Member
Even if companies wants to bring manufacturing back in US, it will take years before it happens, building a factory will require massive investments for which Govt has to give them incentives, second American labor is expensive compared to Chinese, and the way things are in America the moment Trump leaves Office and Democrats hold power he will be facing lawsuits and all his policies and tariffs will get overturned (At least most of them)
EugeneP
Trusted Member
He is a dog that caught up with the fire engine. Doesn't know what to do next. China did admirably by just keeping quiet (almost) and place a retaliatory tariff. Trump was expecting they will come crying and that did not happen. Best antidote to Trump is to just ignore him. That really burns the Big Man.
SolarWarden
Trusted Member
Beijingwalker
VIP Member
JPMorgan’s Jamie Dimon urges Trump to engage with China before a global trade war destroys US credibility
By James FraneyPublished April 15, 2025, 3:29 p.m. ET
JPMorgan CEO Jamie Dimon urged President Donald Trump to immediately “engage” with China over dueling tariffs — before a global trade war erodes US credibility.
The head of the nation’s largest bank, who has for years been floated as a possible Treasury Secretary, said the two sides need to find an off-ramp.
“I don’t think there’s any engagement right now . . . it doesn’t have to wait a year. It could start tomorrow,” he told the Financial Times on Tuesday.
He maintained that the US would always remain “a haven” because of its prosperity, rule of law, and economic and military strength.
JPMorgan CEO Jamie Dimon used an interview with the Financial Times to warn Donald Trump of the dangers that come with declaring a global trade war.AP
But the 69-year-old Wall Street veteran, in JPMorgan’s top job for nearly two decades, warned that America’s economic might could be eroded by Trump’s efforts to renegotiate the rules of global trade.
“A lot of this uncertainty is challenging that a little bit. So you’re going to be reading about this nonstop until hopefully these tariffs and trade wars settle down and go away so people can say, I can rely on America,” Dimon said.
His comments came just a few days after the top banker told investors that a tit-for-tat trade war with its country’s trading partners would create “considerable turbulence” for the economy.
Dimon had previously hinted at his support for the commander-in-chief to use the threat of heavy tariffs as a means of forcing other governments to the table.
Treasury Secretary Scott Bessent said last week that more than 70 countries have lined up to hash out new trading arrangements with the United States.
Bessent’s address to banking industry titans came just hours before Trump hit pause on plans to levy a string of nations with reciprocal tariffs — with only China being subjected to a steep 145% tax.
President Trump signed an executive order on April 2 – that he dubbed Liberation Day – before performing a U-turn on April 9 after bond markets panicked over his plans to slap huge tariffs on imported goods to the United States.Michael Brochstein/ZUMA / SplashNews.com
Trump’s April 2 “Liberation Day” eroded billions of dollars from stock markets worldwide as bond traders began to dump US government debt, spiking the cost of borrowing.
“The markets are very volatile, it scares people,” Dimon told the FT.
“I think we should be clear-eyed about what we’re trying to accomplish. I would want to negotiate eventually with Europe, with the UK, with Japan, Korea, Australia, Philippines, and have a very strong economic relationship.”
JPMorgan and some of its top Wall Street rivals still managed to report strong first-quarter results because of strong performance from trading desks as investors sought to reorder their portfolios amid the tariff turmoil.
Trump has argued that tariffs were a necessary tool to bring back manufacturing jobs to the United States that had been lost to globalization.
JPMorgan’s Dimon said Treasury Secretary Scott Bessent had what it takes to calm the markets amid the current economic uncertainty.REUTERS
The Post exclusively reported in November how senior members of Trump’s transition team had used Dimon as “a sounding board” for economic policy ahead of the 47th president’s second inauguration.
While the two men have not spoken directly, sources briefed on the matter told The Post that Dimon had reached out to Secretary Bessent last month to express his concerns about the tariff plans, saying he was confident that the former hedge fund executive could steer the US economy through turbulent times.
“I hope so,” Dimon said. “I know him a little bit. I think he’s an adult. I don’t agree with everything the administration is doing. So I’m not arguing that point. But I think he’s the guy who should probably be negotiating these trade agreements.”
Dimon also touched upon his succession plans after vowing to stay on as CEO until the end of next year, when he is likely to move upstairs to be chairman of JPMorgan.
Without specifically addressing any of the possible candidates to take over, the Queens native said he wants an executive who has courage, curiosity, grit, heart, and capability.
Possible successors include Mary Erdoes, Marianne Lake, Troy Rohrbaugh, and Doug Petno. Chief operating officer Jennifer Piepszak has ruled herself out of the running.
JPMorgan’s Jamie Dimon urges Trump to engage with China before a global trade war destroys US credibility
‘It doesn’t have to wait a year. It could start tomorrow,” Dimon said.
nypost.com
Yommie
Elite Member
China says it will pay no attention to Trump’s ‘tariff numbers game’
China says it will pay no attention to Trump’s ‘tariff numbers game’
Beijing’s comments come after White House says Chinese exports could face duties of up to 245 percent.
AZ_HighCountry
INT'L MOD
Automation is going to be the key. Issue with that is less people for what were once "hands on" jobs and more technical people.
Avnet is a good example of this. They have a warehouse that is near-100% automated.
PakFactor
Elite Member
This whole war is going to be interesting now, as we're possibly seeing a decoupling between the two countries. As a businessman, I hate tariffs, as they just do not work in the long run. With its Dark Factory concept, China has shown that automation will take hold over time to cut further costs and increase margins.
As seen on YouTube and other sources, the Dark Factory concept is a double-edged sword for any country. However, with more graduates leaving school, they often do not want factory jobs like their parents once did; they believe that office jobs should be the only option, similar to how American graduates think. So, you will eventually have an oversupply of students who may not enter the workforce, be paid lower wages, or work in unrelated fields. [This is a situation that China is facing, too. We might see this in the West down the road.]
This whole bringing factories back and putting people to work is just empty talk, with no sound economic principles to back it.
j_hungary
Professional
There is just one issue with automation. We ain't there yet.
AI and automation weren't at a level that can cope with highly accurate and highly complicated task. Manufacturing is not the same as a sorting facilities, you want to make something via automation, that require high accuracies and low error margin, because you can't make it fit if you cannot be precisely on the specification, otherwise it won't even pass QA. We are about 8 to 10 years from having a fully automated production line in our family business in China, and we are making steel pipe that you use in your oscillated fan or bed frame, and you are talking about advance electronic.
On the other hand, another issue is also how do you think you can get the capital to overhaul the production line? Most US company have low profit margin, and whatever money they make is either tied down to their stock and operational budget, even if the market did not crash, you are talking about the need to suspend the production line for a few years in order to overhaul it. That would kill any company, and with the market crash, this is just out of the question
