JPMorgan Chase CEO Jamie Dimon delivered a stark message to European leaders this week, warning that the continent is losing ground to the United States and China in terms of economic competitiveness
Speaking at an event hosted by Ireland’s foreign ministry, Dimon stated, “Europe has gone from 90% of U.S. GDP to 65% over 10 or 15 years. That’s not good. You’re losing.” The comments underscore growing concern among financial leaders that the EU’s current economic strategies are insufficient to keep pace with global powerhouses.
Call for Urgent Reform
Dimon’s remarks echo the sentiment of former European Central Bank President Mario Draghi, who previously called for a bold new industrial strategy backed by €800 billion in annual investment to preserve Europe’s competitive edge.
“We’ve got this huge, strong market and our companies are big and successful… You have that, but less and less,” Dimon warned, urging European nations to implement major structural reforms to stimulate economic growth and innovation.
Tariff Concerns and Market Complacency
The JPMorgan chief also criticized the financial market’s muted reaction to U.S. President Donald Trump’s recent threats to impose steep tariffs — including 50% on copper and 200% on pharmaceuticals. Dimon cautioned that investors are too complacent, assuming Trump will continue backing down from his most extreme proposals.
“There is complacency in the market,” Dimon said, referencing the so-called “Taco trade” — a belief that Trump typically retreats from harsh economic threats. Still, he acknowledged Trump had often made the right decision by avoiding extreme moves.
Political Commentary: Democrats and Trump’s Future
Dimon didn’t shy away from criticizing both U.S. political parties. He questioned the Democrats’ policy direction, saying: “What were they thinking in their wokeness?” He also labeled New York mayoral candidate Zohran Mamdani, a Democratic Socialist, a “Marxist.”
On Trump’s future political moves, Dimon said it’s premature to speculate about a third-term attempt, which would be unconstitutional under current law. However, he noted Trump might consider promoting a family member, such as his son Eric, as a future candidate.
Dimon also dismissed the idea that current Vice President JD Vance would share a ticket with Trump in a subordinate role, joking, “He’ll say, ‘Hey buddy, get in the basement. You’ve had your day in the sun!’”
Conclusion
As one of the most influential figures in global finance, Dimon’s remarks are likely to reverberate among European policymakers and international investors alike. His blunt assessment points to a growing urgency for the EU to rethink its economic strategy — and for global markets to prepare for potential policy shocks from both sides of the Atlantic.
