JPMorgan Chase CEO says US in a 'trade skirmish' with China: 'It's not a trade war.'

ABC News Chief Business Correspondent Rebecca Jarvis speaks with Jamie Dimon, CEO of JPMorgan Chase, 10 years after the 2008 financial crisis.
0:45 | 09/15/18

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Transcript for JPMorgan Chase CEO says US in a 'trade skirmish' with China: 'It's not a trade war.'
Are we in a trade war we're in a trade skirmish if we see this pending 200 billion dollars terrorists go through bunch up the car tariffs go through. What's the impact on the consumer. Well again too if you have tariff to her billion. And just simplified that the consumer pay 800% of 25% is fifty billion dollars more is still not complete consequential. I think what you read about a lot Morse companies where it is more consequential. Certain products with more consequential. And certain supply chain might you be disrupted and stuff like that some Ahmanson's but not that bad but still it's still skirmish. So I trade war trade words when we know you have. On believer retaliation stuff like that I do expect the Chinese to retaliate I just need to be very measured committed for tat response.

This transcript has been automatically generated and may not be 100% accurate.

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