Brian Moynihan, Chairman and CEO of Bank of America, stated that tariff policies during President Donald Trump’s administration disrupted US economic growth, but he remains optimistic that trade tensions could ease by 2026. Speaking on CBS News’s Face the Nation program, Moynihan noted that Bank of America expects a downward trend rather than an increase, with the average tariff remaining stable around 15%. He believes that although some countries may still face higher tariffs, the overall increase is not as severe as the market previously feared.
According to Moynihan, the rise in tariffs from about 10% to over 15% has become more manageable for businesses, helping to reduce market anxiety. He also emphasized that small businesses, which previously struggled due to trade policy uncertainties, have seen improvements as tariff pressures eased. Currently, the biggest challenge they face is a labor shortage.
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