LIVE: Jamie Dimon speaks at Reagan National Economic Forum

Iran is an active, not imminent, threat

Dimon argues Iran has conducted proxy wars and terrorism for 47 years, killing Americans and allies long before October 7th, and the West should have intervened decades ago by targeting the 'head of the snake' rather than tolerating proxy conflicts.

Nuclear proliferation is the ultimate risk

If Iran acquires nuclear weapons, Egypt, Saudi Arabia, UAE, South Korea, Japan, and others will follow, creating an unstoppable global proliferation crisis that Dimon calls potentially 'the biggest threat facing mankind.'

Military and economic strength are inseparable

Maintaining the dollar as the world's reserve currency requires the US to remain the preeminent military and economic power; Dimon notes that without both, the dollar will not hold its status in 30 years.

Propose a unified Western free trade bloc

Dimon advocates for 'one big beautiful free trade deal' with Europe contingent on Draghi report reforms, plus deepened integration with Canada and Mexico (leveraging their oil, lithium, and potash) and Indo-Pacific allies to create a unified economic front against China.

Dedollarization is a fantasy

No other currency can replace the dollar because no other nation offers the combination of Atlantic and Pacific geographic protection, US military security, rule of law, and capital freedom; Dimon recounts telling one foreign official that their domestic gold vaults could be seized by three nearby armies.

Resolve USMCA and allied trade quickly

While acknowledging unfair trade practices require countermeasures including tariffs, Dimon emphasizes the strategic urgency of concluding deals with Canada and Mexico, noting the three nations form one integrated economic system with shared security interests.

$1.5 trillion security and resiliency commitment

JPMorgan's initiative directs capital toward military equipment, active pharmaceutical ingredients, rare earths, and semiconductors across the US and allied nations, with Todd Combs hired to make direct equity investments in critical companies.

Rare earth vulnerability is cheap to fix

The US imports only $200 million in rare earths; Dimon argues that quadrupling costs to achieve 100% resiliency would add merely $100 to the price of a car while eliminating dangerous dependence on China.

Smart industrial policy via consortia

Dimon supports temporary government intervention through consortia—not corporate welfare—to establish domestic economies of scale, suggesting unilateral barriers on Chinese rare earths and streamlined permitting to force market-driven reshoring.