Jamie Dimon, the chair and chief executive of JP Morgan Chase, has called on the White House to strengthen Washington's allies economically to “avoid truly adverse consequences”. In his annual letter to shareholders, the head of the US’s largest bank said good US foreign policy should put America first “though not alone”.
Dimon’s remarks appear to be critical of Donald Trump, who in January sued the banker and the Wall Street institution for at least $5bn after accusing them of debanking him. The comments also come as the Middle East conflict sparked by US and Israeli attacks on Iran enters its sixth week, with some economists warning that a prolonged conflict could drive oil prices above $170 a barrel, triggering a global recession.
Dimon wrote: “Economic weakening of the world’s democracies or a fragmentation of their economic bonds could lead to truly adverse consequences. This is precisely what some of our adversaries and many autocratic nations want – it is their stated objective.” He warned that allies could become “vassals” of bad actors if they seek deeper economic bonds with them.
The JP Morgan boss also appeared critical of Trump’s tariff regime, saying: “While tariffs have certainly 'brought people to the table' and have allowed us to start to correct some of our past bad trade practices, we need to look at US foreign economic policy comprehensively.” He added that US foreign economic policy should help other countries grow as well.
Dimon warned of possible challenging scenarios for the global economy, including inflation slowly going up in 2026 due to the war in Iran, which could lead to “stickier inflation and ultimately higher interest rates than markets currently expect”. He also highlighted the threats and opportunities of artificial intelligence, saying it will “eventually reduce the work week”.
