Jamie Dimon says US should strengthen allies economically, in veiled criticism of Trump

Jamie Dimon used his annual shareholder letter to warn that US policy should strengthen allies economically to avoid “truly adverse consequences,” while criticizing tariffs and the growing fragmentation of global trade. He said the Middle East conflict could keep oil and commodity prices elevated and push inflation higher than markets expect, with the risk that inflation starts “slowly going up” in 2026 rather than easing. Dimon argued that weakening ties among democracies could force countries to seek deeper economic bonds with adversaries, increasing coercion risk and reshaping supply chains. He also noted that some economists see a prolonged conflict potentially driving oil above $170/bbl, a scenario that would raise recession risk and likely keep rate-cut expectations in check. For precious metals, the message is broadly supportive for gold and potentially silver: stickier inflation, higher-for-longer rates, and geopolitical stress typically underpin safe-haven demand. Near term, traders should watch whether energy shocks deepen, which could reinforce hedging demand for bullion and keep real yields under pressure if growth weakens faster than inflation eases.