The CEO of JPmorgan chaseJamie Daimon warned European leaders that they are facing competitiveness and that they are currently “losing” the battle against the United States and China.

“Europe has dropped 90% of US GDP to 65% within 10 or 15 years. This is not good“, Daimon said at an event organized by the Ireland Ministry in Dublin. “Lost,” he said.

The statements of Dimon, one of the most influential people in the world economy, emphasize the challenges facing the European Union in its efforts to stimulate its economy, the Financial Times said.

Former European Central Bank chief Mario Draghi had demanded a new industrial strategy for Europe last year, with investments of 800 billion euros a year to maintain competitiveness to the US and China.

According to the FTs, Daimon’s message is even more straight about what he had expressed at this year’s annual meeting with JPMorgan shareholders in April when he had stated that “Europe has serious issues that must correct”, calling on European states to “go into deep reforms”.

Daimon, who has been leading Jpmorgan since 2006, also warned that financial markets have been overwhelming against Donald Trump’s repetitive threats to duties.

On Thursday, investors ignored the US president’s new threat to impose 50% on copper, 200% in the pharmaceutical sector and additional tariffs in countries such as Japan and South Korea.

“Unfortunately, I think there is complacency in the markets,” Jamie Dimon said.

He said that Trump had so far done correctly when he was back in his most extreme threats to imposing duties, citing the so -called “Taco Trade”, a strategy based on the assumption that “Trump is always going back”.

“I hate to use the term” taco trade “because I think he did the right thing when he did back,” Dimon added.