Jamie Dimon on Ukraine: Staying on sidelines not an option

JPMorgan Chase CEO Jamie Dimon, a key voice in U.S. business and finance circles, said the U.S. cannot stand on the sidelines in Ukraine’s fight against Russia, pushing back on calls from some in the GOP to pull back from the war.

In his annual shareholder letter, Dimon made the case against international isolationism and called on the U.S. to unite beyond partisan divides and lead fellow democratic countries against the tide of authoritarianism by supporting Ukraine.

“Staying on the sidelines during battles of autocracy and democracy, between dictatorship and freedom, is simply not an option for America today. Ukraine is the front line of democracy. If the war goes badly for Ukraine, you may see the splintering of Pax Americana, which would be a disaster for the whole free world,” Dimon wrote in his letter Monday.

“Ukraine’s struggle is our struggle, and ensuring their victory is ensuring America first. It is imperative that our national leaders explain to the American people what is at stake and make a powerful case – with energy, consistency and clarity – for our strong enduring commitment to Ukraine’s survival for as long as it takes (and it could take years),” he said.

Dimon’s letter adds to the pressure on Speaker Mike Johnson (R-La.) to find a path forward for Ukraine aid, which has stalled in Congress amid opposition from Republicans.

Johnson himself faces the threat of a vote to unseat him if he moves Ukraine aid through the House. Rep. Marjorie Taylor Greene (R-Ga.) has threatened to force a vote on Johnson’s future.

Dimon made the case in his letter that it is in Americans’ best interest to aid Ukraine, and he said U.S. leaders must do a better job conveying that message to the populace. He argued supporting Ukraine creates jobs and business for the U.S. and is good for the economy, pushing back at the idea that funding for Ukraine represents an economic black hole.

“Ukraine needs our help immediately, but it’s important to understand that much of the money that America is directing to Ukraine is for purchasing weapons and equipment, most of which will be built in America. Not only is our aid helping Ukraine, but it is going directly to American manufacturers, and it is helping the country rebuild our military industrial capacity for the next generation,” Dimon said in the letter.

Dimon also stressed the importance of U.S. leadership and overcoming partisan divisions that only aid U.S. enemies.

“America’s global leadership role is being challenged outside by other nations and inside by our polarized electorate,” Dimon said. “We need to find ways to put aside our differences and work in partnership with other Western nations in the name of democracy. During this time of great crises, uniting to protect our essential freedoms, including free enterprise, is paramount.”

Dimon frequently uses his annual letter to stockholders to weigh in on topics including politics, regulation and global order.

In his letter, he told investors he expects the U.S. economy to be resilient and grow this year, despite concerns that the war in Ukraine, the Israel-Hamas war, and political polarization “may very well be creating risks that could eclipse anything since World War II.”

Dimon — who backed former South Carolina Gov. Nikki Haley for the GOP presidential nomination before she suspended her campaign — has offered some praise for former President Trump, the presumptive GOP nominee, in recent months.

Speaking at the World Economic Forum in Davos, Switzerland, in January, Dimon said about Trump: “Just take a step back and be honest. … He was kind of right about NATO. He was kind of right about immigration. He grew the economy quite well. Trade, tax reform worked. He was right about some of China.”

“I don’t like how he said things about Mexico, but he wasn’t wrong about some of these critical issues,” he continued.

Dimon has also defended Trump’s supporters and blasted Democrats for “scapegoating” them.

“When people say ‘MAGA,’ they’re actually looking at people voting for Trump and … they’re basically scapegoating them,” Dimon said on CNBC’s “Squawk Box” in January.

“I mean, really, can we just stop that stuff and actually grow up and treat other people with respect and listen to them a little bit,” Dimon said during the show, adding, “I think this negative talk about MAGA is going to hurt Biden’s election campaign.”

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