Jamie Dimon: Tariffs Aren't the Way to Go

09 Juin, 2018, 17:28 | Auteur: Yves Courtet
  • Jamie Dimon: Tariffs Aren't the Way to Go

Buffett, who is chairman of Berkshire Hathaway Inc (BRKa.N), and Dimon wrote in a Wall Street Journal column on Thursday that the pressure to meet short-term estimates has contributed to a fall in the number of USA public companies.

"Public companies should be managed for long-term prosperity, not to meet the latest forecast". As a result, corporations "frequently hold back on technology spending, hiring, and research and development" that would improve businesses' future growth, Buffett and Dimon say. Around that time, big companies like Coca Cola, UPS and AT&T said they would no longer give quarterly guidance.

Dimon, is chairman of the Business Roundtable, an association of almost 200 CEOs that is also backing the push to eliminate so-called short-termism.

In an interview earlier today on CNBC, Warren Buffett and Jamie Dimon told viewers to "beware" of bitcoin.

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FILE PHOTO: Jamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit during a panel discussion at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018.

On Thursday morning, the Business Roundtable which includes CEOs of US companies with more than 16 million employees and more than $7 trillion in annual revenues, weighed in supporting the proposal.

"We think the president has raised some very critical issues about trade, especially with China, around state owned enterprises, fair competition, market access, the ability to own 100% of a company, and these things should be negotiated out and the Business Roundtable supports those issues", Dimon said. "Such short-termism is unhealthy for America's public companies and financial markets - which are critical to economic growth and financial prosperity", Business Roundtable said in a statement.

Buffett and Dimon said they were not opposed to the practice of quarterly and annual reporting that ensures transparency. "When companies get where they're sort of living by so-called making the numbers, they do a lot of things that really are counter to the long-term interests of the business".

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