Jamie Dimon has a plan to revive the West: A 'big, beautiful' deal with Europe
"Many of the current disputes between Europe and the U.S. are minor compared with this agreement's size and benefits," the JPMorgan boss wrote this week.
JPMorgan Chase boss Jamie Dimon is pitching his vision for the Western world's future, and it hinges on Europe rebooting its sluggish economy and strengthening its defense capabilities.
"I believe the U.S. should offer Europe a major inducement: If it executes meaningful economic and military reforms, including everything that we consider crucial for security and resiliency, the U.S. will negotiate one big, beautiful economic and free-trade agreement with Europe," Dimon wrote in an opinion piece in the Wall Street Journal published on Monday .
"Many of the current disputes between Europe and the U.S. are minor compared with this agreement's size and benefits. This pact could be extended to friendly democracies including Canada, Mexico, Japan, South Korea, Australia and the Philippines," Dimon said.
Seamless trade ties would be a "game changer" for the U.S. and its allies, allowing them to "set the global rules on trade" and binding them together "in the face of autocratic pressure," he added.
The free trade approach advocated by Dimon stands in contrast to the more protectionist policies currently pursued by the Trump administration.
Washington's relationship with some of its biggest trade partners, including the European Union and Canada , have soured amid President Donald Trump's rollout of tariffs and combative negotiating tactics.
Dimon's WSJ op-ed singled out the European Union's need to complete its long-awaited Capital Markets Union and Banking Union in order to boost its competitiveness; fulfilling the recommendations of the Draghi report ; and ensuring the bloc's defense, manufacturing and energy independence.
"A Europe that can mobilize capital, scale innovative companies, consolidate defense production, reduce strategic dependencies and generate stronger growth would be a more capable security partner, a more resilient economic partner and a stronger counterweight to Beijing's economic power," he said.
It is not the first time the banking chief has taken aim at Europe's lack of globally-important companies, stuttering economic growth and lack of sovereignty in key spaces. Last year, he told European business and political leaders at an event in Ireland that, compared with the U.S. and Asia, "you're losing."
Dimon also wrote this week that the U.S. must take steps to ensure it remains the world's pre-eminent military and economic power, and reinvigorate "the American dream and American values, which are weakening for too many of our fellow citizens."
"A renewed commitment to American values and alliances coupled with bold reforms by Europe would be a geopolitical and economic home run, guaranteeing the Western world's strength for the next 250 years," he said.
