Former Trade Secretary Wilbur Ross breaks down tariff talks with China at Kudlow.
The chief executives of two of the largest banks in America discussed how the president Donald Trump Tariffs and other factors influence the economy and markets by publishing their quarterly reports on Friday.
JPMorgan Chece CEO Amy Dimon And Wales Fargo CEO Charlie Sharf, everyone talked about Trump’s tariffs in letters involved with the relevant reports on earning their companies on Friday.
Dimon, who wrote in the letter to shareholders earlier this week that tariffs were likely to increase inflation and raised concerns about their influence on US economic alliances, noting that tariffs and trade weighed about the economic look.
“The company is facing significant turbulence (including geopolitics), with potential positive sides of tax reform and deregulation and potential negatives of tariffs and” trade wars “, current adhesive inflation, high fiscal deficits and still high prices,” Dimon, ” Spectrum of scenarios. “
CEO of JPMorgan Chase Jamie Dimon issues a tariff warning in an annual letter
CEO of JPMorgan Chase, Jameimi Dimon, said tariffs and “trade wars” could be negative for the economy. (Chris Ratcliff / Bloomberg through Getty Images / Getty Images)
Sharf said he and the bank support efforts to improve trade conditions for US companies, but have acknowledged the risks and said the sooner the Trump administration could provide favorable Trade agreements, Better than the US economy will be.
“We support the willingness of the administration to consider fair trade barriers for the United States, although there are certainly risks associated with such significant activities. The timely resolution that uses the United States would be good for business activities, consumers and markets,” he said.
IEEMI Dimon warns that the recession is now “probably an outcome” for the US economy
Wales CEO Charley Sharf said the rapid resolution of the tariff war would be useful for the US economy. (Kyle Grill / Bloomberg through Getty Images / Getty Images)
Earlier this week, Trump announced a 90-day break in his “reciprocal” tariff plans, while 25% tariffs on Mexico and Canada remained, with the exception of goods covered by US-Mexico-Canada agreement. He also collected tariffs for imported goods from China to 145%, with the Chinese government retaliated with 125% of US export tariffs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CPM | JPMorgan Chase & Co. | 234.62 | +7.88 |
+3.47% |
| WFC | Wells Fargo and Co. | 63.11 | -3.22 |
-4.85% |
The administration said negotiations with other US trading partners, although the timeline for completing any deals is unclear at the moment.
Vietnam prepares to crash Chinese trade to avoid Trump tariffs: Report
Sharf added that the economy could slow down this year as a result of Uncertainty about trade Other policies, but have noticed that it can change depending on how all changes in politics are played and when they arise.
Tariffs are import taxes paid by importers, which usually transfer those higher consumer costs. (Qian Weizhong / VCG through Getty Images / Getty Images)
“We expect continued instability and uncertainty and are ready for a slower economic environment in 2025, but the real outcome will depend on the results and time of change in politics,” he wrote.
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“We and our clients are entering the current environment from a position of force that should serve us well,” Sharf added. “We are ready for different outcomes, our focus is unwavering and we will continue to transform Wells Fargo by investing to build a well -controlled, faster company and company with a higher return as we work to serve our customers better and become more efficient.”
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