JPMorgan Chase and Wells Fargo CEOs weigh in on Trump’s tariffs

Executive managers of the second of the largest banks in America discussed how president Donald Trump’s tariff and other factors affect the economy and markets with their quarterly profit reports issued on Friday.

JPMorgan Chase, CEO of JPMorgan Chase, Charlie Charf, Wells Fargo CEO, discussed Trump’s tariff in the messages listed in their company’s profit reports on Friday.

Damon, who wrote in a letter to shareholders earlier in the week, pointed out that the customs tariff is likely to increase inflation and raised concerns about its impact on American economic alliances, that the customs tariff and trade weighs economic expectations.

Damon wrote: “The company faces the major turmoil (including political geography), with the potential positives of tax reform and the abolition of organizational restrictions and potential negatives of definitions and” commercial wars “, and continuous sticky inflation, high financial deficit, and somewhat high asset prices,” Dienon Books “. Scenarians. “

Jpmorgan Chase CEO Jamie Dimon

Scharf said that the bank is supporting the efforts made to improve the commercial terms of American companies, but he recognized the dangers and said that the more Trump administration could secure favorable commercial agreements, the better the American economy.

“We support the administration’s willingness to consider the barriers that prevent fair trade in the United States, although there are risks associated with these important measures,” he said.

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Charlie Charf, CEO of Wales Vargo, said a quick decision for the tariff warfare will be useful for the American economy. (Kyle Grillot / Bloomberg via Getty Images / Getty Images)

Earlier this week, Trump announced a temporary stop of 90 days in the “mutual” tariff plans, while leaving a 25 % tariff on Mexico and Canada valid, with the exception of the goods covered by the United States and Kanta Convention. It also raised the definitions of goods imported from China to 145 %, prompting the Chinese government to take revenge by 125 % on US exports.

The administration says it begins negotiations with other commercial partners in the United States, although the schedule to complete any of these deals is unclear at this time.

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Scharf added that the economy may slow down this year due to uncertainty about trade and other policies, but he indicated that it may change depending on how to operate any shifts in politics and when it occurs.

Definitions are taxes on imports paid by importers, who usually pass those higher costs for consumers. (Qian Weizhong / VCG via Getty Images / Getty Images)

“We expect continued volatility and uncertainty and we are ready for a slower economic environment in 2025, but the actual result will depend on the results and timing of politics changes,” he wrote.

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“We and our customers come to the current environment from the strength site that should serve us well.” “We are ready for a variety of results, and our focus is fixed, and we will continue to convert the Wells Fargo by investing to build a well -controlled and growing company while working on our customer service better and become more efficient.”