Jamie Dimon is urging Washington to put a carrot on the table: if Europe follows through on meaningful economic and military upgrades tied to security and resiliency, the U.S. should negotiate "one big, beautiful economic and free-trade agreement with Europe." He argues smoother commerce among allies would be a "game changer," giving them the ability to "set the global rules on trade" and lock in unity "in the face of autocratic pressure." He also plays down today's transatlantic quarrels as small compared with the potential benefits, and says the pact could later widen to friendly democracies such as Canada, Mexico, Japan, South Korea, Australia and the Philippines.
Dimon's checklist centers on the European Union finally completing its Capital Markets Union and Banking Union to sharpen competitiveness, moving on the Draghi report's recommendations, and ensuring independence in defense, manufacturing and energy. In his words, "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." This isn't a new theme for him: speaking at an event in Ireland last year to European business and political leaders, he said that next to the U.S. and Asia, "you're losing."
Dimon's pitch leans into free trade at a time when he sees the Trump administration embracing more protectionist moves. He cites strained relations between Washington and several top trading counterparts - among them the European Union and Canada - arising from President Donald Trump's tariffs and aggressive negotiating style. He also writes that the U.S. itself needs to take steps to remain the pre-eminent military and economic power and to revive "the American dream and American values, which are weakening for too many of our fellow citizens." His bottom line: "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."
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This is a policy marker from a high-profile bank leader, not a done deal. If you track the big forces that can reshape market rules, Dimon is pointing to two signposts worth watching: whether Europe moves ahead on capital-market and banking integration, and whether Washington shows interest in a broad trade pact with Europe and select allies. Those are the triggers he says could change the game.
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