Jamie Dimon: We Rely on China for 90% of Pharmaceutical Ingredients

EXCERPT:

DIMON: “It's become pretty obvious, particularly since the invasion of Ukraine, you know, that national security is critical, not just for us, but for a lot of countries. And if you had any illusion the world would be peaceful for the rest of our lives, hopefully it was shattered. And, you know, at that point, you know, people realize I heard from military officers, I heard from companies, you know, we didn't have enough production capability to make the bombs that we needed to ship. We had rare earths. You've already heard about the rare earth problem. We rely on China. And it's not just about China, but we rely on single parties for things we need for F-35s and nuclear submarines. And we rely on China for something like 90 percent of the ingredients go into our pharmaceuticals and 90 percent of our penicillin.”