Türkiye: Dimon Warns US Dollar Could Lose Reserve Status If America Weakens

Speaking on PBS's Firing Line with Margaret Hoover, Dimon said a weakened US position would make the world more fragmented and more dangerous for the country, as reported by Business Insider. The dollar's share of global foreign exchange reserves has declined from about 70% at the turn of the century to roughly 57% today. While concerns about de-dollarization intensified after the US froze Russian central bank assets following Moscow's 2022 invasion of Ukraine, Federal Reserve research shows no significant outflow from dollar reserves since then. Dimon also stressed that protecting US economic security requires cutting dependence on potential rivals for strategically important goods, noting Washington should have recognized its reliance on China for rare earth elements, aluminum, certain types of steel, and other equipment 10 or 15 years ago.