Jamie Dimon spent years warning about America’s reliance on China. A year in, JPMorgan has put $230 billion behind fixing it

Jamie Dimon has warned for years that the U.S. has let itself become dangerously dependent on China.

In his 2024 shareholder letter , the JPMorgan Chase CEO argued America had “slept” while China built its economic might.

More recently, he has criticized Washington’s sluggish defense procurement and warned about the country’s reliance on China for the critical minerals powering American weapons and technology.

Now his bank has a number to show for it.

JPMorgan said on Monday it has financed or facilitated $230 billion into sectors it considers essential for economic and national security—including critical minerals, defense, and frontier technology—a year into its 10-year, $1.5 trillion Security and Resiliency Initiative .

The bank also said it committed $5 billion of its own capital investing into defense-related startups like Hadrian and Castelion —halfway through its initial $10 billion allocation.

“Strong economies and national security don’t happen by accident,” Dimon said in the press release.

“They require investment in critical infrastructure, manufacturing, energy, defense and innovation, as well as policies that encourage growth.” Critical minerals are where the bank’s bets are easiest to see.

China dominates the processing of many of these materials.

JPMorgan has taken a stake in an Idaho mine holding the only identified U.S. antimony reserve, helped arrange financing for a $7.4 billion Korea Zinc processing plant in Tennessee, and hired a critical minerals chief.

The bank’s own researchers flagged critical minerals as a potential next battleground between the U.S. and China back in 2024.

This reflects a growing overlap between Wall Street financing and Washington’s national security priorities.

JPMorgan is helping to finance the companies and infrastructure behind the U.S.’s effort to break its dependence on China and rebuild its manufacturing.

For the bank, this is a big commercial opportunity.