Dimon Demands European Reforms in Exchange for Trade Deal
JPMorgan Chase CEO Jamie Dimon is calling for fewer trade barriers between the US and Europe, but he's attached a condition: the European Union must reform its economy, defence, and energy sectors first.
In an opinion piece published in the Wall Street Journal on Monday, Dimon outlined his proposal, which ties greater access to the US market to structural reforms in Europe. He argued that a more competitive and resilient EU would be a stronger security partner for the US and a counterweight to China's economic influence.
Dimon wants the EU to complete its Capital Markets Union and Banking Union, implement the recommendations of the Draghi report, and strengthen its defence manufacturing and energy independence. He also suggested that trade liberalization could serve as an incentive for US allies to undertake broader economic and military reforms.