JPMorgan CEO Jamie Dimon recently issued a sharp warning: Europe is losing to the competition with the US and China, with its GDP share of the US dropping from 90% to 65% over the past 15 years. He pointed out the dangerous complacency in the market regarding Trump's tariff threats.

Written by: Long Yue, Wall Street Insights

The global financial giant JPMorgan has sent a stern warning to Europe.

Recently, JPMorgan CEO Jamie Dimon warned European leaders in Dublin about competitiveness issues, stating that Europe is currently "failing" in its competition with the US and China. According to the Financial Times, Dimon said at an event organized by the Irish Ministry of Foreign Affairs, "The share of European GDP compared to US GDP has dropped from 90% to 65% over the past 10 to 15 years, which is not good news."

One of the most influential voices in global finance also warned that financial markets are too relaxed about Trump's repeated threats to impose tariffs. Dimon stated, "There is a sense of complacency in the market," suggesting that investors are mistakenly ignoring the potential impacts of trade tensions.

Tariff Threats Underestimated

In terms of trade policy, Dimon criticized the market's calm response to Trump's tariff threats. According to CCTV News, Trump previously threatened that if no agreement was reached, tariffs on the EU would rise to 50%. Currently, tariffs on EU steel and aluminum products have increased from 25% to 50%.

However, investors have reacted tepidly to this threat. Dimon acknowledged that Trump exhibits "TACO" behavior (i.e., "Trump Always Comes Out"), but he believes there is a reason for Trump's actions, and Europe and investors should not underestimate the US government's tariff policies.

Dimon believes that if the US economy weakens, Trump will face difficulties. He stated:

"I don't like to use the term 'Taco trade' because I think his retreat is the right thing to do… I think if there is any weakness in the US economy, he will encounter difficulties."

Alarm on European Competitiveness

Meanwhile, Dimon's warnings about the European economic outlook are more direct than ever. He stated that the competitiveness of the European market is declining, and successful large companies are becoming increasingly rare.

"We have a huge, strong market, our companies are large and successful, and they have a global scale… but this is becoming less and less common."

This statement is more severe than Dimon's remarks at the annual shareholder meeting in April, where he said, "Europe has some serious problems that need to be addressed," urging European countries to undertake bold reforms to achieve growth.

Dimon also commented on the political landscape. Having led JPMorgan since 2006, Dimon stated that although he has no political ambitions, he "might consider" participating in politics if certain political changes occur.

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