{"id":374737,"date":"2025-12-29T08:15:07","date_gmt":"2025-12-29T08:15:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/374737\/"},"modified":"2025-12-29T08:15:07","modified_gmt":"2025-12-29T08:15:07","slug":"tariffs-settling-around-15-as-the-trade-war-de-escalates-bofa-ceo","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/374737\/","title":{"rendered":"Tariffs Settling Around 15% As the Trade War De-Escalates: BofA CEO"},"content":{"rendered":"

Bank of America CEO Brian Moynihan said the Trump administration’s trade policy<\/a> is showing signs of de-escalation after a year in which tariffs unsettled businesses.<\/a><\/p>\n

“If you go back to where we were in April, there was a lot of lack of understanding about where this would end up, and that affected small businesses and medium-sized businesses,” Moynihan said on CBS News’ “Face the Nation,” which aired Sunday.<\/p>\n

“They were shocked,” he said.<\/p>\n

Since returning to office, President Donald Trump<\/a> has rolled out a 10% baseline tariff on imports, alongside higher rates for certain countries and product-specific duties such as those on automobiles.<\/p>\n

But what initially disrupted planning and purchasing decisions is now becoming clearer, Moynihan said, with Bank of America’s internal outlook pointing toward a broad tariff floor.<\/p>\n

As negotiations progressed, Moynihan said tariffs have begun clustering around roughly 15% for many countries, with higher levels reserved for those that decline to buy US goods or ease non-tariff barriers.<\/p>\n

“To go from a 10% across the board, to 15% for the broad base of countries, not a huge impact,” Moynihan said.<\/p>\n

“And that’s where our team says it’s starting to de-escalate,” he added.<\/p>\n

‘China’s a different question’<\/p>\n

China, however, is an exception, Moynihan said.<\/p>\n

“China’s a different question,<\/a> because the national security interests, the rare earth minerals, the magnets, batteries, just AI, all that stuff. It’s a very different case.”<\/p>\n

Moynihan also flagged North American trade as its own track, saying “the USMCA, which has to be redone, is also a different case” \u2014 a reference to the agreement’s scheduled review next year.<\/p>\n

For smaller firms, Moynihan suggested that the current challenge hasn’t just been the tariff rate itself, even as interest rates have come down over the past year.<\/p>\n

“So they’re more their issue right now is, can I get the labor I need to do, to bid the contracts, to do the work I’m doing?” he said, pointing to immigration policies as a source of concern.<\/p>\n

“It’s not that they agree with them or are disagreeing. They just need to have the answer, and that’s what they’re looking for.”<\/p>\n","protected":false},"excerpt":{"rendered":"Bank of America CEO Brian Moynihan said the Trump administration’s trade policy is showing signs of de-escalation after…\n","protected":false},"author":2,"featured_media":374738,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":{"0":"post-374737","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/374737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=374737"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/374737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/374738"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=374737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=374737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=374737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}