“It is not a trade war, I call it a trade skirmish," Dimon added.
Chairman and CEO of JPMorgan Chase Jamie Dimon has said the company is positive about India's long-term growth. In a freewheeling chat with CNBC-TV18, he spoke about the simmering global trade war and how well emerging markets are doing.
"You are growing at 8 percent, the government has made tremendous progress, I give full credit to your Prime Minister, with the goods and services tax (GST), infrastructure, benefits transferred, all of the things making the economy grow better and of course you have a very vibrant entrepreneurial sector, corporate sector service. So we are quite optimistic at the long-term growth of India and pay a lot less attention to what happened to rupee today," Dimon said on the sidelines of the JPMorgan India Investor Summit.
"Domestic emerging markets are doing quite well. The America is growing stronger, the dollar is growing stronger, that is actually good for the world," he added.
He went on to state that if growth is good, it is positive if the Fed was normalising rates and raising rates.Talking about the growing worries between US-China trade war, Dimon said, "It is not a trade war, I call it a trade skirmish. The American government and our President is right to raise the issues about particularly China. It is a USD 20 trillion economy, so the actual effect is not dramatic. There is an effect in the psyche, the mind if the trade skirmish becomes a trade war. Right now, it is a tit for tat and hopefully we will get to resolution. I don’t expect a trade war, I also don’t expect any progress before elections. So I think we will have to wait after November to see if we make any progress."