{"id":208718,"date":"2025-12-29T00:08:08","date_gmt":"2025-12-29T00:08:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/208718\/"},"modified":"2025-12-29T00:08:08","modified_gmt":"2025-12-29T00:08:08","slug":"bank-of-americas-moynihan-sees-trumps-tariffs-starting-to-de-escalate","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/208718\/","title":{"rendered":"Bank of America\u2019s Moynihan sees Trump\u2019s tariffs starting to de-escalate"},"content":{"rendered":"

Bank of America<\/a> Corp. Chief Executive Officer Brian Moynihan said he expects the Trump administration to de-escalate trade tensions next year after tariffs sent shockwaves through the US economy in 2025.<\/p>\n

Moynihan said in an interview taped earlier in December and aired Sunday on CBS News\u2019\u00a0Face the Nation\u00a0that Bank of America now sees \u201cde-escalation, not escalation,\u201d with an average of 15% tariffs, and higher rates for countries that won\u2019t commit to U.S. purchases or lowering non-tariff barriers.\u00a0<\/p>\n

\u201cTo go from a 10% across-the-board to 15% for the broad base of countries \u2014 not a huge impact,\u201d Moynihan said. \u201cAnd that\u2019s where our team says it\u2019s starting to de-escalate.\u201d<\/p>\n

In April, Trump announced a baseline rate of 10% tariffs on all exporters to the US. He unveiled a slew of new tariffs in July that were expected to push the average rate to 15.2% for major trading partners if implemented as announced. Bloomberg Economics estimated the average US tariff rate rose to 14% from 2% after Trump returned to the White House.<\/p>\n

China is a \u201cdifferent question,\u201d as are North American trading partners with a review of the US-Mexico-Canada agreement slated for next year, Moynihan added. \u201cBut broadly in the world, you can see sort of the endpoint here,\u201d he said.<\/p>\n

Higher tariffs and uncertainty over trade policy hit small businesses in the second quarter of the year, he said, though some relief came as rates eased. Moynihan said tariffs are a lesser concern for small businesses right now than uncertainties over the availability of labor, as some Trump administration immigration policies \u201chaven\u2019t settled in yet.\u201d<\/p>\n

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