JPMorgan Chase CEO Jamie Dimon warned of rising global uncertainty as tensions involving Iran continue to weigh on markets, while also highlighting structural economic challenges in the United States that could have broader international implications.

Speaking on FOX & Friends, Dimon said geopolitical instability in the Middle East is affecting energy prices and investor sentiment worldwide. He noted that while the U.S. economy remains resilient, higher gas prices could ripple across global markets and strain consumers.

“Markets will be concerned until it’s over,” Dimon said, emphasizing that resolving the conflict is more important than short-term financial performance.

Domestically, Dimon pointed to housing affordability and high taxes as risks that could weaken U.S. competitiveness in the global economy. He said regulatory hurdles and zoning restrictions have slowed construction and driven up costs, limiting the country’s ability to address housing affordability.

He also noted a growing migration of businesses and residents away from high-tax states, warning that such trends could affect economic productivity and investment flows over time.

"I tell people everyone's got to compete, including cities, and for a city to compete, of course it's quality of life," Dimon said. “But it's also individual taxes, state taxes, corporate taxes, and it drives people out."

Despite these challenges, Dimon expressed optimism. He highlighted JPMorgan Chase’s American Dream Initiative, a long-term effort aimed at supporting small businesses, expanding access to capital, and strengthening local economies.

“The American dream is not over,” Dimon said, expressing confidence in long-term resilience despite mounting global and domestic pressures.