JPMorgan announced Monday that it's planning a $1.5 trillion investment initiative aimed at bolstering sectors critical to the U.S. economy over the next decade, including up to $10 billion in direct equity and venture investments.
Why it matters: The announcement comes on the heels of President Trump's threat to impose 100% tariffs on Chinese goods in response to Beijing's expansion of rare earth export controls — one of the most heated exchanges since the trade war began.
What they're saying: On a call with reporters, JPMorgan CEO Jamie Dimon made it clear this investment is about strategy, not a move to curry political favor with the administration.
- "We've always worked with the government. That's always been true my whole life, my own career," Dimon said.
- "This is not philanthropy. This is 100% commercial," he added.
- Dimon said the bank has not spoken with anyone from the administration about the initiative.
Zoom in: The company is building on a $1 trillion domestic initiative that was already in place, adding $500 billion and a focus on four key areas:
- Supply chain and advanced manufacturing, including minerals, pharma and robotics.
- Defense and aerospace technology.
- Energy independence and resilience, from the grid to battery storage.
- Frontier and strategic technologies, like AI, cybersecurity and quantum.
Between the lines: These initiatives rhyme with the Trump administration's goals to buoy domestic manufacturing.
Zoom out: Some of the country's biggest companies — ranging from Nvidia to Apple — have announced investment initiatives this year that echo Trump's push to boost domestic manufacturing.
- Apple CEO Tim Cook announced plans to invest up to $600 billion as part of its American Manufacturing Program.
- Micron announced a $200 billion investment to boost domestic chip production.
- Nvidia CEO Jensen Huang said the chip giant plans to invest "billions" in the U.S. over the next four years.
Follow the money: The exact details on how JPMorgan is accounting for the $1.5 trillion are unclear.
- JPM said in a statement that its support of firms within these sectors could range from "advice ... financing, and, in some cases, investing capital."
Editor's note: This story has been updated with comments by JPMorgan CEO Jamie Dimon.
