Dimon links dollar’s reserve status to strong U.S. economy and trade deals

  • Jamie Dimon linked the dollar’s reserve status to a dominant U.S. economy and stronger Western trade ties.
  • Foreign investors hold $20 trillion to $30 trillion in the United States, Dimon said.
  • Dimon proposed expanding a U.S.-Europe trade pact to six additional countries.

JPMorgan Chase & Co. CEO Jamie Dimon said the dollar’s reserve currency status depends on the United States maintaining the world’s dominant economy and urged Washington to secure trade agreements with allies. In a Bloomberg Tech interview with anchor David Westin and a Wall Street Journal op-ed published Monday, Dimon proposed a sweeping U.S.-Europe free-trade agreement in exchange for European economic and military reforms, with possible expansion to Canada, Mexico, Japan, South Korea, Australia and the Philippines. He said foreign investors hold $20 trillion to $30 trillion in the United States, while American companies hold nearly equivalent sums abroad, and cited 40 military alliances and 20 free-trade agreements. The Office of the U.S. Trade Representative counts agreements in force with 20 countries. Dimon acknowledged that unfair treatment should be addressed but said completing the deals should be the priority. He also called for European capital-market and banking reforms, stronger defense production and reduced strategic dependencies, while urging the U.S. to target 3% annual growth. The proposal contrasts with the Trump administration’s protectionist tariff policies. Dimon has long criticized Bitcoin, although Strategy CEO Phong Le recently made a half-joking claim that Dimon privately supports it.

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