{"id":516356,"date":"2026-04-06T19:32:10","date_gmt":"2026-04-06T19:32:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/516356\/"},"modified":"2026-04-06T19:32:10","modified_gmt":"2026-04-06T19:32:10","slug":"jamie-dimon-says-us-should-strengthen-allies-economically-in-veiled-criticism-of-trump-us-economy","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/516356\/","title":{"rendered":"Jamie Dimon says US should strengthen allies economically, in veiled criticism of Trump | US economy"},"content":{"rendered":"

The head of the US\u2019s largest bank has pressed the White House to strengthen Washington\u2019s allies economically in order to \u201cavoid truly adverse consequences\u201d, in the latest intervention in an increasingly testy relationship with the Trump administration<\/a>.<\/p>\n

As the Middle East conflict sparked by US and Israeli attacks on Iran enters its sixth week, Jamie Dimon, the chair and chief executive of JP Morgan Chase, said in his annual letter to shareholders that good US foreign policy<\/a> should put America first \u201cthough not alone\u201d.<\/p>\n

His remarks appear certain to be viewed as critical of Donald Trump, who in January announced he was suing the banker and the Wall Street institution for at least $5bn (\u00a33.8bn) after accusing them of debanking him<\/a>.<\/p>\n

The comments also come five days after Trump told governments to \u201cgo get your own oil<\/a>\u201d by force from the Gulf, as transatlantic relations further soured over soaring energy prices as a result of the war.<\/p>\n

Some economists have warned<\/a> that a prolonged conflict could drive oil prices above $170 a barrel, triggering a global recession.<\/p>\n

Dimon wrote: \u201cEconomic weakening of the world\u2019s 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 \u2013 it is their stated objective.<\/p>\n

\u201cThey would like to see all of our allies far less dependent on the United States and therefore far more dependent on them. In this scenario, many countries would be compelled to seek deeper economic bonds with some possible bad actors \u2013 over time, they could become vassals of these countries and unable to avoid coercion from them.\u201d<\/p>\n

Dimon, a lifelong Democrat, was thought of as having a surprisingly close relationship with Trump during the president\u2019s first term, with the banker reportedly turning down an offer to lead the US Treasury department<\/a> during that administration.<\/p>\n

However, the Wall Street tycoon has since appeared increasingly at odds with the White House. Addressing speculation over his own presidential ambitions in 2018, Dimon told a panel in New York<\/a>: \u201cI think I could beat Trump \u2026 because I\u2019m as tough as he is, I\u2019m smarter than he is \u2026 And by the way, this wealthy New Yorker actually earned his money. It wasn\u2019t a gift from Daddy.\u201d<\/p>\n

Dimon\u2019s annual letter to shareholders<\/a> is a much-anticipated event on Wall Street, with the text and accompanying charts spanning almost 50 pages and containing more than 20,000 words.<\/p>\n

Maintaining his theme, the banker also appeared critical of Trump\u2019s tariff regime, one of the president\u2019s landmark policies during his second term, in which goods imported to the US have been hit with rising duties \u2013 even when they have originated from the country\u2019s traditional allies and established trading partners.<\/p>\n

\u201cWhile tariffs have certainly \u2018brought people to the table\u2019 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,\u201d Dimon wrote. \u201cNot only should our foreign economic policy help us grow as a nation, but it should also help other countries grow.\u201d<\/p>\n

The JP Morgan<\/a> boss also warned of possible challenging scenarios for the global economy. \u201cThe skunk at the party \u2013 and it could happen in 2026 \u2013 would be inflation slowly going up, as opposed to slowly going down,\u201d he wrote, as he joined numerous economists in warning that the conflict in the Middle East could be inflationary.<\/p>\n

\u201cNow, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect. Continual trade negotiations exacerbate the tense geopolitical issues. And high asset prices, which certainly feel good in the short run, create additional risk if anything goes wrong.\u201d<\/p>\n

The banker did see reasons for optimism in the general US economy<\/a>, however, saying he continued \u201cto believe the American Dream is alive\u201d, as well as highlighting the threats and opportunities of artificial intelligence.<\/p>\n

\u201cI do not think it is an exaggeration to say that AI will cure some cancers, create new composites [for uses in manufacturing] and reduce accidental deaths, among other positive outcomes. It will eventually reduce the work week in the developed world. And people will live longer and safer,\u201d Dimon wrote.<\/p>\n","protected":false},"excerpt":{"rendered":"The head of the US\u2019s largest bank has pressed the White House to strengthen Washington\u2019s allies economically in…\n","protected":false},"author":2,"featured_media":516357,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":{"0":"post-516356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-gb","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/516356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=516356"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/516356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/516357"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=516356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=516356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=516356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}