Jamie Dimon says US should strengthen allies economically, in veiled criticism of Trump
The head of the US’s largest bank has pressed the White House to strengthen Washington’s allies economically in order to “avoid truly adverse consequences”, in the latest intervention in an increasingly testy relationship with the Trump administration,As the Middle East conflict sparked by US and Israeli attacks on Iran enters its sixth week, Jamie Dimon, the chair and chief executive of JP Morgan Chase, said in his annual letter to shareholders that good US foreign policy should put America first “though not alone”,His remarks appear certain to be viewed as critical of Donald Trump, who in January announced he was suing the banker and the Wall Street institution for at least $5bn (£3,8bn) after accusing them of debanking him,The comments also come five days after Trump told governments to “go get your own oil” by force from the Gulf, as transatlantic relations further soured over soaring energy prices as a result of the war.
Some economists have warned that a prolonged conflict could drive oil prices above $170 a barrel, triggering a global recession,Dimon wrote: “Economic weakening of the world’s democracies or a fragmentation of their economic bonds could lead to truly adverse consequences,This is precisely what some of our adversaries and many autocratic nations want – it is their stated objective,“They would like to see all of our allies far less dependent on the United States and therefore far more dependent on them,In this scenario, many countries would be compelled to seek deeper economic bonds with some possible bad actors – over time, they could become vassals of these countries and unable to avoid coercion from them.
”Dimon, a lifelong Democrat, was thought of as having a surprisingly close relationship with Trump during the president’s first term, with the banker reportedly turning down an offer to lead the US Treasury department during that administration.However, the Wall Street tycoon has since appeared increasingly at odds with the White House.Addressing speculation over his own presidential ambitions in 2018, Dimon told a panel in New York: “I think I could beat Trump … because I’m as tough as he is, I’m smarter than he is … And by the way, this wealthy New Yorker actually earned his money.It wasn’t a gift from Daddy.”Dimon’s annual letter to shareholders is a much-anticipated event on Wall Street, with the text and accompanying charts spanning almost 50 pages and containing more than 20,000 words.
Maintaining his theme, the banker also appeared critical of Trump’s tariff regime, one of the president’s landmark policies during his second term, in which goods imported to the US have been hit with rising duties – even when they have originated from the country’s traditional allies and established trading partners.“While tariffs have certainly ‘brought people to the table’ and have allowed us to start to correct some of our past bad trade practices, we need to look at US foreign economic policy comprehensively,” Dimon wrote.“Not only should our foreign economic policy help us grow as a nation, but it should also help other countries grow.”The JP Morgan boss also warned of possible challenging scenarios for the global economy.“The skunk at the party – and it could happen in 2026 – would be inflation slowly going up, as opposed to slowly going down,” he wrote, as he joined numerous economists in warning that the conflict in the Middle East could be inflationary.
“Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect.Continual trade negotiations exacerbate the tense geopolitical issues.And high asset prices, which certainly feel good in the short run, create additional risk if anything goes wrong.”The banker did see reasons for optimism in the general US economy, however, saying he continued “to believe the American Dream is alive”, as well as highlighting the threats and opportunities of artificial intelligence.“I do not think it is an exaggeration to say that AI will cure some cancers, create new composites [for uses in manufacturing] and reduce accidental deaths, among other positive outcomes.
It will eventually reduce the work week in the developed world.And people will live longer and safer,” Dimon wrote.
Starmer attacks Greens, saying vote for Labour rivals puts new workers’ rights at risk
Keir Starmer has used a series of new workers rights that come into force on Monday to attack the Green party, saying a vote for Labour’s rivals puts such progress on sick pay, parental leave and zero-hours contracts at risk.The prime minister also took a swipe at business figures and opponents of what he described as the biggest strengthening of workers’ rights in a generation, dismissing “vested interests” who had warned against them.However, in a sign of how he views the threat from the populism of Zack Polanski’s Greens and Nigel Farage’s Reform UK in the run-up to local elections in May, Starmer said that having “a serious, credible economic strategy” set Labour apart from others.“No other party offers both the economic credibility and the political will to do this,” he wrote in an article for the Guardian.“A vote for any other party puts that progress at risk – whether through choices that would take us backwards, or approaches that simply don’t stand up to the realities of governing
Unions privately voice misgivings over BMA pay demands and doctors’ strikes
Trade unions have privately expressed qualms about the forthcoming doctors’ strikes in England, expressing frustration at the conduct of the talks and the demands of the British Medical Association.The BMA is pushing for a pay rise higher than the 3.5% offered to doctors by the government, with strikes planned in England next week.However, more than a million NHS staff who are not doctors – including nurses, physiotherapists, midwives, healthcare assistants, ambulance workers and hospital porters – are due to receive an even lower pay rise of 3.3%, set via the Agenda for Change (AfC) system
Sadiq Khan protection officers ‘leave bag with guns and Taser on south London street’
Armed police officers protecting the London mayor, Sadiq Khan, allegedly left a bag containing guns and a Taser on the street which was discovered by a member of the public.The Metropolitan police said on Friday it was investigating the incident and five officers had been removed from frontline duties while inquiries were being carried out.The bag was found on a kerbside in south London at about 9.40pm on Tuesday. A Met spokesperson said: “We have made a referral to the Met’s directorate of professional standards following an incident which took place on Tuesday 31 March
Relationship with Trump may be beyond repair, Keir Starmer told
Keir Starmer has been warned his relationship with Donald Trump may be beyond repair after the US president derided the prime minister for consulting his team about military decisions, in a mocking impersonation.In a new low for UK-US relations, Trump appeared to imitate Starmer in a weak voice during an Easter lunch speech at the White House, and said the UK was “not our best” ally.The episode is Trump’s latest broadside at Starmer and the UK’s “old” aircraft carriers after the prime minister declined to let the US use British military bases for its initial strikes on Iran.Following the latest attack on Starmer, diplomatic and political figures said he was right to brush off the criticism but added that the relationship was very damaged and he would need to redouble efforts to built international relations elsewhere.The US president said the UK “should be our best” ally but had not been during the Iran war, accusing Starmer of prevaricating over sending aircraft carriers
Starmer’s cost of living adviser urges him to extend fuel duty cut in light of Iran war
A cut to fuel duty should be extended to reflect the rise in petrol prices, the government’s cost of living champion has said.Richard Walker, the executive chair of the supermarket chain Iceland, urged Keir Starmer not to raise the levy in September, in light of the conflict in the Middle East.The strait of Hormuz, a crucial trading artery between the Gulf and the Gulf of Oman, has been blockaded since the US and Israel launched attacks on Iran at the end of February.A fifth of the world’s oil passes through the strait, and its closure has sent global prices soaring, putting pressure on the world economy.Fuel duty is frozen until September, when the government will review any rise
Labour challenges Farage over cost of private jet trip to Maldives
Labour has queried Nigel Farage’s claim that a return trip to the Maldives on a private jet linked to a billionaire donor cost as little as £25,000 as the Reform leader attempted to reach the Chagos Islands.Farage initially recorded his two-day trip to the Maldives as costing £12,500 funded by Thailand-based Reform megadonor Christopher Harborne, before upgrading this to £25,000 in the latest register of interests.The Guardian reported that ownership of the private jet was linked to Harborne, who has given the party more than £12m.However, Anna Turley, the chair of the Labour party, wrote to Farage on Thursday arguing that chartering a private jet of a similar size would cost many times more than the sum declared.“According to publicly available flight logs, this was an 11,000-mile round trip, lasting just over 23 hours, using a model of plane that is currently advertised on multiple private jet websites as costing at least $11,500 (£8,500) per hour to charter,” she said
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