Jamie Dimon proposes free trade deal between US and Europe — CNBC
In the United States, JPMorgan Chase CEO Jamie Dimon proposed concluding a large-scale free trade agreement with Europe, on the condition that it carry out substantial economic and military reforms. He wrote about this in a column for The Wall Street Journal, CNBC Top News reports.
Terms of the trade agreement
According to Dimon's plan, such an agreement would serve as an incentive for Europe to implement reforms important for security and economic resilience. He specifically stressed the need for the European Union to complete the Capital Markets Union and the Banking Union in order to strengthen competitiveness.
Dimon also called on the EU to implement the recommendations of Mario Draghi's report and strengthen its defense, manufacturing and energy autonomy. In his view, Europe should mobilize capital more effectively, scale up innovative companies, consolidate defense production and reduce strategic dependencies.
The banker believes that such changes would make Europe a more capable security and economic partner for the United States and a stronger counterweight to Beijing's economic power.
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Possible expansion of the pact
Dimon noted that a potential pact could be extended to other friendly democracies, including Canada, Mexico, Japan, South Korea, Australia and the Philippines. He believes that close trade ties would enable the United States and its allies to set global trade rules and act jointly under autocratic pressure.
His call for free trade contrasts with the protectionist course of President Donald Trump's administration. CNBC notes that Washington's relations with major trading partners, including the EU and Canada, have deteriorated amid the introduction of tariffs and the tough negotiating tactics of the US administration.
Dimon also stated that the United States must retain its leading positions in the military and economic spheres and strengthen American values and alliances.
