The former commercial secretary, Wilbur Ross, breaks down the prices for talks with China on Kudlow.
The CEOs of two of the largest American banks explained how the president Donald Trump Friday, prices and other factors have an impact on the economy and markets with the publication of their quarterly profits reports.
The CEO of JPMorgan Chase, Jamie Dimon, and the CEO of Wells Fargo, Charlie Scharf, each discussed Trump’s prices in the letters included in the respective winning reports of their companies on Friday.
Dimon, who wrote in a letter to shareholders earlier in the week that prices are likely to increase inflation and raise concerns about their impact on American economic alliances, noted that prices and trade weigh on economic perspectives.
“The company is faced with considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and potential negatives of prices and” trade wars “, continuous sticky inflation, high tax deficits and still fairly highly high prices and volatility,” Dimon wrote. “As always, we hope the best but prepare the business to a wide range of scenarios.”
The CEO of JPMorgan Chase Jamie Dimon issues a tariff warning in the annual letter
The CEO of JPMorgan Chase, Jamie Dimon, said that prices and “commercial wars” could be negative for the economy. (Photographer: Chris Ratcliffe / Bloomberg via Getty Images / Getty Images)
SCHARF said that he and the bank support efforts to improve the trade terms of American companies, but recognized the risks and said that the Trump administration could earn favorable trade agreements, the better the US economy will be.
“We support the will of the administration to examine obstacles to fair trade for the United States, although there are certainly risks associated with such important actions. Opportunal resolution that benefits the United States for businesses, consumers and markets,” he said.
Jamie Dimon warns that the recession is now “a probable result” for the American economy
Wells Fargo CEO Charlie SCHARF said that a rapid price war resolution would be useful to the American economy. (Kyle Grillot / Bloomberg via Getty Images / Getty Images)
Earlier this week, Trump announced a 90-day break in his “reciprocal” pricing plans, while leaving 25% 25% prices in Mexico and Canada, with an exception for goods covered by the American-mexico-Canadian agreement. He also raised prices on goods imported from China to 145%, which prompted the Chinese government to retaliate with 125% tariffs on American exports.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| Jpm | JPMorgan Chase & Co. | 233.18 | +6.44 |
+ 2.84% |
| Wfc | Wells Fargo & Co. | 63.11 | -3.22 |
-4.85% |
The administration indicates that it is starting negotiations with other American trade partners, although a calendar for the completion of these transactions is not clear at the moment.
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SCHARF added that the economy could slow down this year due to trade uncertainty and other policies, but noted that this could change according to the way policy changes take place and when they occur.
Prices are taxes on imports paid by importers, which generally transmit these higher costs to consumers. (Photo of Qian Weizhong / VCG via Getty Images / Getty Images)
“We expect continuous volatility and uncertainty and are prepared for a slower economic environment in 2025, but the real result will depend on the results and the calendar of policy changes,” he wrote.
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“We and our customers are entering the current environment from a strength position that should serve us well,” added SCHARF. “We are prepared for a variety of results, our objective is unshakable and we will continue to transform Wells Fargo by investing to build a well -controlled, faster and higher performance company while we work to better serve our customers and become more effective.”
