JPMorgan Chase announced a $10 billion decade-long plan to invest in U.S. companies crucial to national security. The initiative, called the Security and Resiliency Initiative, aims to finance $1.5 trillion for identified companies in defense, frontier technologies, energy, and supply chain sectors. CEO Jamie Dimon emphasized the need for national security and economic strength.

The move by JPMorgan comes as tensions rise between the U.S. and China, with markets reacting negatively to new tariffs on Chinese imports. Dimon highlighted the importance of removing obstacles like regulations and bureaucratic delays. The bank plans to support 27 specific industries within the four major areas, including nanomaterials, autonomous robots, and nuclear power.

Dimon stressed the importance of America’s economic strength for national security. The initiative will focus on ensuring access to critical minerals and medicines, defending the nation, and advancing technologies like semiconductors. JPMorgan will hire additional bankers and create an advisory council to support the initiative. Stay tuned for updates on this developing story.

Read more at CNBC: JPMorgan Chase to invest $10 billion into key industries