At the 2025 Reagan National Economic Forum in Simi Valley, California, JPMorgan Chase CEO Jamie Dimon delivered a candid assessment of the United States’ economic and geopolitical standing. He emphasized that the nation’s most pressing threats are internal, cautioning that without substantial reforms, the U.S. risks losing its global leadership position.
Dimon identified a range of domestic issues—including regulatory inefficiencies, complex taxation, immigration bottlenecks, educational shortcomings, healthcare disparities, and weakening military alliances—as the “enemy within.” He argued that these internal challenges pose a greater risk to America’s future than external adversaries. “What I’m really worried about is us,” Dimon stated, highlighting concerns over national unity, values, and effective governance.
In addition to domestic concerns, Dimon addressed the escalating trade tensions between the U.S. and China. Following a recent visit to China, he warned against underestimating the resilience of the Chinese economy. “They’re not scared, folks,” he remarked, challenging the assumption that increased tariffs would compel China to acquiesce to U.S. demands. Dimon advocated for constructive engagement with China, emphasizing the need for strategic diplomacy over confrontational tactics.
The forum also highlighted broader economic concerns, including the risk of stagflation—a combination of stagnant economic growth and high inflation. Dimon noted that factors such as global fiscal deficits, remilitarization, and restructuring of trade contribute to this risk. He stressed the importance of proactive measures to mitigate potential economic downturns.
Dimon’s remarks underscore the urgency for the U.S. to implement comprehensive reforms addressing both domestic and international challenges. He called for decisive action to enhance economic resilience, maintain global competitiveness, and uphold the nation’s leadership role on the world stage.
