Jamie Dimon said the US has become too dependent on foreign suppliers for the materials and technologies that underpin its economy and national security.
“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing — all of which are essential for our national security,” the JPMorgan Chase CEO said Monday.
Dimon’s warning came as the bank unveiled a decadelong, $1.5 trillion Security and Resiliency Initiative aimed at strengthening industries crucial to US competitiveness — from critical minerals and advanced manufacturing to energy, defense, and frontier technologies like AI and quantum computing.
The initiative will include up to $10 billion in direct investments to accelerate domestic production and innovation, alongside financing across supply chains and defense infrastructure.
JPMorgan also plans to hire more bankers and create an external advisory council of public and private-sector leaders to guide its efforts.
Dimon said the US needs to “act now” to restore industrial strength, urging policymakers to cut red tape, modernize education, and back investment in strategic sectors.
“America needs more speed and investment,” he said. “Our security is predicated on the strength and resiliency of America’s economy.”
Trump’s ‘America First’ promise: tariffs, jobs, and the hidden costs
Dimon’s comments arrive as the United States grapples with the consequences of its “America First” economic policies — a framework revived under Donald Trump that has reshaped trade, tariffs, and manufacturing.
Trump has pledged to bring manufacturing jobs back to US soil, shield domestic industries from foreign competition, and reassert national strength via industrial resurgence.
Since what Trump has called “Liberation Day,” his administration has pushed sweeping tariffs — including a baseline 10% tariff on most imports and additional reciprocal duties targeted at nations with large trade deficits.
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China has since retaliated by tightening export controls on rare earth minerals — critical components for US technology and defense — after Trump announced 100% tariffs on China starting November 1.
The move, which led Trump to threaten further economic countermeasures and cancel a meeting with Xi Jinping, marks a sharp escalation in the trade war.
The potential outcomes of Trump’s trade and economic policies are unclear — some see a foundation for long-term strength, while others warn of looming risks.
In September, Albert Edwards, chief strategist at Société Générale, said the US is flashing classic recession signals.
That same month, Mark Zandi, chief economist at Moody’s Analytics, warned the economy is on the “precipice” if payrolls continue to weaken.
By contrast, Bank of America analysts said in July that Trump’s pro-growth push and corporate spending on AI could fuel a cyclical recovery.
Other market veterans have been more cautious.
In September, Lloyd Blankfein, former CEO of Goldman Sachs, pointed to narrow credit spreads and rising private credit leverage as potential flashpoints.