Foreign governments, including Greenland, are currently considering investment alternatives to the U.S., such as China. This comes as JPMorgan Chase CEO Jamie Dimon warned that President Donald Trump’s foreign policy could isolate the U.S. under what he characterized as an “America alone” doctrine.
Dimon has stressed the need to keep in place strong economic and military ties, indicating that the CEO is frustrated with U.S. diplomacy as Trump’s foreign policy has prompted concerns at home and abroad.
Renaming the Gulf of Mexico to the Gulf of America and making threats of annexing Canada and Greenland are just some of the issues that have created consternation. The tariffs put in place by the Trump administration on allies and foes alike have pushed away countries long seen as important partners.
Dimon’s concern that the U.S. may end up alone on the global stage stems from the belief that both economic and military allies may start to look elsewhere for support, including China, Fortune noted.
“Keeping our alliances together, both militarily and economically, is essential,” Dimon told shareholders in his annual letter earlier this year. “The opposite is precisely what our adversaries want.”
Political discussions in Greenland, a semi-autonomous territory of Denmark, a NATO ally, indicate that officials may be broadening their horizons after Trump’s threats to take over the territory.
Naaja Nathanielsen, Greenland’s minister for business and mineral resources, told the Financial Times: “We want to develop our business sector and diversify it, and that requires investments from outside.”
When Nathanielsen was asked about whether that would mean working with China, she said: “We do want to partner up with European and American partners. But if they don’t show up, I think we need to look elsewhere.”
Trump has pointed to “national and international” security interests when speaking about the need for the U.S. to take control of Greenland.
Greenland is strategically located to protect American security, particularly from Russia. Greenland sits on significant reserves of raw materials, such as 25 of the 34 materials that Europe considers “critical.”
The second Trump administration has made clear its intention to get hold of such materials, such as by signing a deal with Ukraine on the matter.
Nathanielsen also noted to the Financial Times that a memorandum of understanding on mineral development that was signed during the first Trump administration is set to expire soon.
“We sort of hoped that the Trump administration would be more willing to engage in dialogue with Greenland about the mineral sector development. We got a bit more than we asked for, because we have no wish to be American,” she said.
Nathanielsen acknowledged, however, that China may not be willing to ink a deal with Greenland at the moment in order to avoid any escalation in the trade war with the U.S.
She called Trump’s comments about turning Greenland into the U.S. “disrespectful and distasteful.”
“We are trying to figure out, what does the new world order look like? In those terms, Chinese investment is of course problematic, but so, to some extent, is American” investment, said Nathanielsen.
A poll in January found that 85 percent of Greenlanders don’t wish to be folded into the U.S. The survey by the pollster Verian, commissioned by the Danish paper Berlingske, found that only six percent of Greenlanders wanted to join the U.S.
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