Jamie Dimon: US-China trade deal 'has substance and depth'

JPMorgan Chase chairman and CEO admits he doesn't know what's next after phase 1 is signed

President Trump and Chinese Vice Premier Liu He plan to sign a phase one trade agreement of a U.S. trade deal on Wednesday, after nearly 18 months of a simmering tariff war.

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JPMorgan Chase chairman and CEO Jamie Dimon sat down with FOX Business' Maria Bartiromo, saying "it's good they are doing this trade deal."

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"I think it has substance and depth," Dimon said on "Mornings with Maria."

Dimon said while he anticipates some de-coupling to happen between China and America "for security purposes," he believes China still has room to grow and his company is ready.

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., is seen before a House Financial Services Committee hearing on April 10, 2019 in Washington, DC. (Photo by Alex Wroblewski/Getty Images)

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"I think they want JPMorgan to be there to help set transparency and standards and rules," Dimon said. "And the Chinese need, they want to, eliminate corruption, have efficient companies and capital allocation, and they need very good financial markets."

Dimon believes not just JPMorgan Chase will help set those financial standards.

"We did our due diligence," Dimon said. "Doesn't mean we will always be right, but it should mean something."

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Phase one of the trade deal has helped to ease market jitters, though economists warn it leaves major disputes unresolved and the outlook for negotiations is unclear.

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A delegation led by He arrived in Washington on Monday and is expected to stay until the phase one trade agreement is signed.

A U.S. trade source told FOX Business that the phase one trade text will be posted online on the U.S. Trade Representative website the "moment" the agreement is signed on Wednesday.

The deal is the first step toward a more comprehensive trade agreement between the world's largest economies and has been in the works since October.

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The president has previously suggested that a trade deal could involve two or three phases.

"At a later date I will be going to Beijing where talks will begin on Phase Two!" Trump wrote on Twitter at the end of 2019.

Although Trump previously suggested the second phase could come immediately after the first, he does not have any imminent plans to visit China for further trade talks, sources told FOX Business.

Dimon admitted, despite his optimism, he's unsure what's next after phase one is signed.

FOX Business' Jonathan Garber, Audrey Conklin and Ken Martin contributed to this report.

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