According to a U.S. government official, U.S. President Donald Trump will host a private dinner at the White House on Wednesday (November 12) with guests including representatives from JPMorgan Chase . NASDAQ The event included dinner with CEOs of financial institutions and top corporate executives.
According to multiple media reports, JPMorgan Chase CEO Jamie Dimon was among those invited, and Nasdaq Chairman and CEO Adena Friedman will also be invited to attend.
This rally highlights Trump's efforts to strengthen ties with business leaders in order to garner support for his policies from the domestic business elite. The Trump administration is currently rolling out a series of new initiatives aimed at bolstering U.S. capital markets and rebuilding critical domestic supply chains deemed essential to national security.
His ambitious economic plan included expanding domestic production, relocating key industries back to the country, and leveraging private sector investment to solidify America’s position in high-tech manufacturing and energy supply chains.
It is worth mentioning that last month, the largest bank in the United States... JPMorgan Chase announced a 10-year, $1.5 trillion investment plan to support industries critical to U.S. national security and economic resilience, including supply chains and manufacturing, defense and aerospace, energy independence, and cutting-edge technologies.
Under the plan, the bank will invest up to $10 billion of its own capital in U.S. companies that are critical to national security and economic recovery through direct equity and venture capital investments.
Political pressure is emerging
As this dinner approaches, Trump is facing increasing political pressure regarding the economy and people's livelihoods, key issues that formed the basis for the Democrats' victories in last week's local elections in New Jersey and Virginia.
During his 2024 campaign, Trump won more support from Wall Street elites by promising tax cuts and comprehensive deregulation, policies that fueled market expectations for his economic agenda.
However, since he took office, Trump's comprehensive tariff policies targeting different countries and industries have shaken financial markets and driven up the cost of imported goods; his attacks on Federal Reserve Chairman Powell have raised concerns about the central bank's independence; and immigration restrictions, such as high fees for new visas aimed at attracting top talent, may exacerbate labor supply pressures on businesses.
In addition, Trump also targeted banking institutions on the grounds of "political discrimination," taking action to crack down on banks and their regulators' practice of refusing to provide financial services to customers based on their ideological stance, and imposing fines or other remedies on them.
It is evident that Trump's policies have put his relationship with Wall Street elites to the test, despite Trump signing a tax cut bill that permanently enshrines many tax provisions favored by businesses and setting aside government regulation.
The relationship between Trump and Dimon has also been strained on several occasions, but their rhetoric has recently softened. In July of this year, the two met in the Oval Office of the White House to exchange views on economic and regulatory issues.
In recent months, Trump has held a series of private meetings with several business leaders as his administration struggles to boost economic growth and find a balance amid tensions with its global trading partners.
(Article source: CLS)
