Dimon Isn't Worried Trump Will Adopt Protectionist Policies

By Mark DeCambre Markets MarketWatch Pulse

J.P. Morgan & Co. CEO Jamie Dimon said he isn't concerned that President-elect Donald Trump's trade policies will hurt the economy by pushing for tariffs and adopting a protectionist stance. During a call with reporters on Friday following the bank's quarterly results, Dimon said despite Trump's rhetoric and frequent use of Twitter, which indicate the real-estate mogul would retool trade agreements with Mexico and hold a hard line with countries like China, he expects the coming president's administration to "do the right thing." "Putting aside the one-liners and election rhetoric, I am comforted by the fact that he's putting real players on the playing field," Dimon said. Trump, for example, has repeatedly accused China of manipulating its currency and has threatened to place tariffs on its goods. Critics fear that such a tacked would backfire as China would likely retaliate with tariffs of its own. The U.S. is the biggest market for China, accepting about a fifth of its exports. Shares of J.P. Morgan were up nearly 2% on Friday, following its better-than-expected results, which were giving a lift to financials and the Dow Jones Industrial Average . "Give him some time," Dimon said of Trump. The J.P. Morgan boss is a part of Trump's economic brain trust, the Strategic and Policy Forum, which consists of 16 business leaders, headed by Stephen Schwarzman, the billionaire co-founder of private-equity firm Blackstone Group .

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