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The head of America\u2019s largest bank has pressed the White House to strengthen America\u2019s allies economically in order to \u201cavoid truly adverse consequences\u201d, in the latest instalment of an increasingly testy relationship with the Trump administration.<\/p>\n
As the Middle East conflict sparked by US and Israeli attacks on Iran enters its sixth week, Jamie Dimon<\/a>, the chair and chief executive of JP Morgan Chase, said in his annual letter to shareholders that \u201cgood\u201d US foreign policy 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 \u201cdebanking\u201d 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, had initially been thought 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 and, while addressing speculation over his own presidential ambitions in 2018, 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 that has seen goods imported to the US hit with rising duties \u2013 even when they have originated from its 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