(Reuters) – JPMorgan Chase & Co <JPM.N> Chief Executive Officer Jamie Dimon said on Wednesday the ongoing U.S-China trade war was serious, but expects the countries to get enough done to extend a March 1 trade deal deadline.
U.S. President Donald Trump has vowed to increase tariffs on $200 billion worth of Chinese imports on March 2 if China fails to address intellectual property theft, forced technology transfers and other non-tariff barriers.
“I think they’ll get enough done – kind of agreements in principle” to extend the deadline, Dimon said in an interview with CNBC at the World Economic Forum in Davos.
“If you have tariffs put in place on March 1, that would be bad for the global economy.”
He said there was a lot of “noise” that may very well cause a slowdown or recession in the U.S. economy – specifically citing geopolitical issues, Brexit tensions, and the government shutdown.
The U.S. economy could also grow at a 3 percent rate if policymakers get things fixed, Dimon said in the interview.
(Reporting by Mary Ann Alapatt in Bengaluru; Editing by Shailesh Kuber)