JPMorgan CEO Jamie Dimon says world 'not safe', urges stronger NATO and Europe at Davos

DAVOS, SWITZERLAND: JPMorgan Chase CEO Jamie Dimon warned global leaders on Wednesday, January 21, that the world was no longer secure, urging Western nations to prepare for a more dangerous era. Speaking at the World Economic Forum (WEF), Dimon said assumptions about lasting stability collapsed after Russia’s invasion of Ukraine.

“We thought the world was safe – it’s simply not safe,” Dimon told the audience. His remarks came amid rising geopolitical strain and market uncertainty, as executives weighed the implications of a second Trump administration.

‘Economic persuasion’ to strengthen Europe

Asked about President Donald Trump's latest tariff threat against European nations over Greenland, Dimon offered conditional support for pressure tactics tied to security.

“We need a stronger NATO, we need a stronger Europe,” Dimon said, adding that “economic persuasion” could be used to push allies to increase their capacity. He stressed, however, that tariffs should not be a default policy.

“I’m not a tariff guy in general,” he said, confirming that broad trade barriers remain a point of disagreement between him and the president.

Dimon acknowledged that national security could require “atypical” tools, but cautioned against making tariffs a permanent economic strategy.

Jamie Dimon says 'I want a stronger NATO'

During an exchange with The Economist's Editor-in-Chief Zanny Minton Beddoes, Dimon pushed back on the suggestion that US business leaders were afraid to criticize Trump. Beddoes said she was “genuinely struck” by the reluctance of CEOs to speak out and asked whether a “climate of fear” existed.

“What the hell else do you want me to say?” Dimon replied. He said that he had publicly challenged Trump on tariffs and immigration. “I have made clear I want a stronger NATO, a stronger Europe,” he said, adding, “Some of the things Trump has done are causing that, some are not.”

Dimon conceded that the United States was now viewed as “less reliable” by some partners.

Friction over Fed independence comments

Dimon’s appearance followed a recent clash with the president. After JPMorgan released its full-year results, Dimon warned that “anything that chips away” at the Federal Reserve’s independence “is not a good idea.”

Trump responded by calling Dimon “wrong” and accusing him of wanting higher interest rates “to make more money.” The president also threatened to sue JPMorgan, alleging it had “incorrectly and inappropriately” debanked him after January 6.

Dimon, meanwhile, urged markets not to underestimate risks, pointing to “sticky inflation” and increasingly complex geopolitical conditions.