- Trump’s former Commerce Secretary Wilbur Ross, Warning that despite significant progress in trade negotiations, overconfidence could lead to U.S. negotiators working for concessions without foreign governments getting discounts. He is particularly concerned about a deal that could stagnate with complex partners like the EU – Jamie Dimon warned that U.S. rivals could be strengthened eventually.
As the world’s largest economy, the United States can be quite confident in its negotiation power with its trading partners. but, The Trump administration can’t exaggerate its hands This could lead to allies being pushed into the arms of competitors, according to experts such as former Commerce Secretary Wilbur Ross and Jamie Dimon.
This is a scene JPMorgan Chase CEO Dimon owns Alerts have been issued since Trump opens his tariff agenda. “Wall Street’s White Knight” wrote in a letter to shareholders this year that as long as the United States is “good” first, as long as it does not lead to “only alone.”
Meanwhile, President Trump’s former Commerce Secretary Wilbur Ross fears that the administration’s fatal weakness may prove to be its confidence – a stimulus to sign the framework with people like Britain and China through a swift signing of the framework.
Ross says he Believe President Trump and his team are handling negotiations well and have achieved some major goals. But one of his fears was that the government might be too “bust”.
He told wealth In an exclusive interview: “They have made as much progress as they have shown the basic power of America to get people around.”
“In fact, what I’m worried about is that if our governments feel too focused on their own progress, they may exaggerate their hands and reach a level that is difficult to give other countries. This is my biggest concern right now, because it can easily take away early success.”
In addition to reaching an agreement with the UK and a framework with China, negotiations with India and Japan have also shown positive signals.
“I think it’s very important…even though they’ve taken initiatives from some of the countries in over 70 countries, in reality, only about four to five countries will be very different because they’re needle-moving and (Trump) seems to do a good job,” Secretary Ross said.
“What I want to say is, except for the EU…it’s hard for the EU to make trade concessions because it’s not an entity. You have 27 member states, each country has a different goal, but everyone has a veto, so it’s hard to reach an agreement with the EU.”
He added that the EU could be one of the “slower” deals, while Japan, China and Vietnam expect “quite quick”.
Problem Area
EU, this Trump previously claimed to be created to fight the United StatesRoss secretary Ross said that if the Oval Office is too confident about its approach, it is one of the most likely areas to have problems.
The president is already frustrated with him Lack of progress in negotiations with the EUPreviously, due to lack of action, the EU had an outbreak of truth society and the EU would face 50% tariffs. At that time, the 50% tariff was suspended for 90 days.
When asked wealth Secretary Ross said: “Which region could lead to a deadlock in the talks,” the EU is definitely a possibility, simply because it is difficult for them to take a unified front.
“But someone like Vietnam, he imposed huge tariffs on him…frankly, I was a little surprised because the sudden outbreak of our trade deficit with Vietnam is that there are a lot of factory movements from China to Vietnam.”
The key to shutting down the EU in particular is the history of Dimon and its potential Vallock division.
“It will be difficult, but our country’s goal should be to help make European countries stronger and keep close. If Europe’s economic weakness leads to dispersion, the landscape will look a lot like the world before World War II.” Over time, this split will increase Europe’s dependence on China and Russia, essentially turning Uncle Sam’s former allies into “vassal states” of its competitors.
This story was originally fortune.com
