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threat to world's economy warns JP Morgan boss the looming trade war
between the United States and China represents the greatest danger today to
the world's economy boss of JP Morgan Jacob Frenkel has warned mr. Fraenkel
who is chairman of JPMorgan Chase International made his remarks during an
interview with CNBC Steve Sedgwick at the European House Ambrose a tea forum
in Italy asked about the tit-for-tat tariffs been slapped on one another by
Washington and Beijing he acknowledged I think it's the greatest danger today to
the world economy it's still not a trade war I would say there were some
skirmishes and there are skirmishes I think we should all remember the
disaster of 1931 always good intentions to protect American jobs and the result
was a catalyst to the Great Depression we should avoid it at all costs
US President Donald Trump kicked off an increasingly fractious spell for
sino-american relations when he rolled out tough new tariffs of 25 percent on
steel and 10 percent on aluminium at the start of last month China hit back on
Wednesday with a raft of similar duties on 106 us expert products amounting to
amounting to almost 36 billion pounds annually mr. Trump up the stakes still
further yesterday saying he had told the Office of the United States Trade
Representative to consider dollar 100 BN in extra tariffs against China Beijing
has launched a complaint with the World Trade Organization WTO about mr. Trump's
measures and questioned their legality mr. Fraenkel warned a world that is so
interdependent so interconnected cannot afford shooting each other the world in
which the rules of the game are an eye for an eye is a world in which there are
many blind people he emphasized his belief that the Chinese would be happy
for talks aimed at resolving the situation saying the Chinese are very
rational but any negotiations have to be
respectful not shooting just talking mister frankel a former economic
counselor at the International Monetary Fund IMF also took the time to praise
the Trump administration's domestic economic policies especially on
financial deregulation he said if you want real recovery you have to have the
business sector expanding their hiring and expanding their capital investments
the performance of the world economy in the ten years since the credit crunch of
2008 had been so balanced and so positive
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