Operation Chokepoint 2.0: Trump To Sue JPMorgan Chase For Debanking

President Donald Trump said Saturday that he will sue JPMorgan Chase within the next two weeks. He accused the bank of “debanking” him after the January 6 Capitol riot. 

Trump Targets JPMorgan Over Debanking

Trump made the allegation in a post on Truth Social. He said JPMorgan “incorrectly and inappropriately” debanking him. President Trump claimed the bank ended decades-long ties without fair notice. He presented the debanking dispute as central to his Operation Chokepoint 2.0 narrative.

Trump alleged that JPMorgan incorrectly and inappropriately debanked him after the January 6 protest. He did not attach documents or additional evidence in his post, and the text provided includes no statement from JPMorgan.

Trump dismissed a Wall Street Journal report that he offered JPMorgan CEO Jamie Dimon the job of Federal Reserve chair. Such an offer was never made, he wrote.

President Trump also pointed to other allegations related to the Treasury job. He said that people were misinformed that he had offered Dimon the position of Treasury Secretary. Trump shot that down and had kind words for Treasury Secretary Scott Bessent in his post.

Dimon Warns Fed Probe Could Shake Markets

The renewed clash comes as JPMorgan has cautioned about political interference in the central bank. Dimon has made the case that eroding Federal Reserve independence comes with market implications. He said it might lift inflation expectations and push up interest rates.

These warnings were even as Trump’s Justice Department launched a criminal investigation related to Federal Reserve Chair Jerome Powell. JPMorgan has emerged as one of the most prominent and sustained institutional critics of that probe.

However, CoinGape reported that Trump announced that a 10% tariff will be levied on commodities from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, effective February 1. He threatened on Monday that the rate would increase to 25 percent on June 1. He said the tariff would stay in place until they agreed on Greenland’s full acquisition.

This tariff push precedes a Supreme Court decision on Trump tariffs. That timing has put a spotlight on the legal limits of executive trade powers. While, the new tariffs further heighten uncertainty for global markets and major trading partners.