Jamie Dimon, Who Once Said Trump Was 'Right About Some Of China', Hints At Alignment With Xi Jinping Amid Washington-Beijing Tensions - Apple (NASDAQ:AAPL), JPMorgan Chase (NYSE:JPM)

CEO of JPMorgan Chase JPM, Jamie Dimon, has reportedly made a commitment to intensify the bank’s association with Chinese capital markets.

What Happened: Dimon’s pledge follows a meeting with high-ranking Chinese officials, including Beijing’s chief trade negotiator, He Lifeng. This comes after a recent agreement between Beijing and Washington to decrease tariffs, indicating a significant relaxation of trade tensions.

Dimon praised the outcomes of the U.S.-China economic talks and stated that JPMorgan Chase will “deepen its engagement” in China's capital market to support both multinational firms operating in China and Chinese companies expanding internationally, as per the Xinhua news agency.

He Lifeng, a close associate of President Xi Jinping, voiced China’s wish for U.S. companies to continue contributing to the “healthy, stable and sustainable development of China-U.S. economic and trade relations.”

Amid strained political ties with Washington, Beijing has continued to engage top U.S. business leaders like Apple AAPL CEO Tim Cook, Bridgewater’s founder Ray Dalio and NVDIA NVDA CEO Jensen Huang.

JPM did not immediately respond to Benzinga’s request for comment.

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Why It Matters: Dimon’s commitment to strengthen ties with China comes at a time when U.S. companies have been treading carefully in China due to rising tariffs and escalating tensions during U.S. President Donald Trump‘s second term.

Dimon’s commitment to China is slightly contrasting to his support for Trump’s tariffs on several countries including China. In January 2024, Dimon even said Trump was right to an extent about China. “Take a step back, be honest. He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade tax reform worked. He was right about some of China,” The JPMorgan chief told CNBC.

Recently, Dimon has become vocal about the need for consistent dialogue between the U.S. and China to alleviate trade tensions. He also highlighted concerns about China's excess production impacting global markets, stating it is alarming countries like Japan, Korea, Indonesia, Vietnam and India. He called on Chinese authorities to address these issues.

Over the past few days, Dimon has been warning about the potential for the U.S. economy to fall into stagflation due to geopolitical risks, deficits and price pressures amid China tariffs.