Former Commerce Secretary Wilber Ross broke the tariff talks with China on ‘Kudlo’.
The CEO of the two largest American banks discussed how President Donald Trump’s Tariffs and other factors are affecting the economy and markets on Friday with release of their quarterly income reports.
JP Morgan Chase CEO Jamie Dimon And Charlie Sharf, CEO of Wales Fargo, on Friday discussed Trump’s tariff in letters included with the related income reports of their firms.
Dimon, who wrote in a letter to the first shareholders in the week that the tariff was likely to increase inflation and raised concerns about their impact on US economic alliances, stated that tariffs and businesses are weighing on economic outlook.
“The company is facing tax reforms and deragulation potential positivity and tariffs and potential negativities of ‘business wars’ and is facing considerable disturbance (including geopolitanic), ongoing sticky inflation, high fiscal deficit and still, instead of high -property prices and evaporation,” Written by Dimon. “As usual, we hope for the best but prepare a firm for a wide range of scenarios.”
JP Morgan Chase CEO Jamie Dimon issues tariff warnings in the annual letter
Jamie Dimon, CEO of JP Morgan Chase, said that tariffs and “trade war” could be negative to the economy. (Cris Ratcliffe / Bloomberg Getty Image / Getty Image)
Scharf said that he and the bank are supporters of efforts to improve the terms of trade for American companies, but accepted the risks and said that the sooner the Trump administration could be favorable. Business Agreement, Will be better than the American economy.
“We support the desire of the administration to see obstacles for fair trade for the United States for the United States, although there are definitely risks associated with such important tasks. Timely resolutions that will be good for America, consumers and markets,” he said.
Jamie Dimon warned that the recession is now ‘a possible result’ for the US economy
Charlie Sharf, CEO of Wales Fargo, said that a quick solution to the tariff war would be helpful for the American economy. (Through Kyle Grillot / Bloomberg Getty Image / Getty Image)
Earlier this week, Trump announced a 90-day stagnation in his “mutual” tariff schemes, while 25% of tariffs were already implemented on Mexico and Canada, with an exception to the goods covered by. US-Mexico-Canada AgreementHe increased the tariff on goods imported from China to 145%, with the Chinese government retaliated with 125% tariff on US exports.
| Langer | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JP Morgan Chase & Company. | 235.25 | +8.51 |
+3.75% |
| WFC | Wales Fargo and Cum. | 63.11 | -3.22 |
-4.85% |
The administration says it is starting to negotiate with other American trading partners, although a time -line for the completion of any such deal is not clear at this time.
Vietnam prepared to crack down on Chinese trade to avoid Trump tariff: Report
Scharf said that the economy may slow down this year Uncertainty on trade And other policies, but noted that it depends on how any policy goes on and when it happens.
Tariffs are paid by importers that are paid by importers, which usually pass consumers to those high costs. (QIAN Weizhong / VCG Getty Image / Getty Image)
“We hope that constant instability and uncertainty and a slow economic environment in 2025 are ready for the results and time of policy changes,” he wrote.
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“We and our customers come from the status of strength in the current environment that we should serve well,” Sharaf said. “We are ready for a variety of results, our focus is unbreakable, and we will continue to replace Wales Fargo by investing to make a well-controlled, growing rapid growth and investing a high-western company, while we work to better serve our customers and become more efficient.”
