Bank of America CEO "Trump tariffs may ease in 2026"

Brian Moynihan, chairman and chief executive officer (CEO) of Bank of America (BoA), said he expects trade tensions related to President Donald Trump's tariff policy to likely ease next year.

On the 29th (local time), according to Cryptopolitan, Moynihan said in a recent interview, "The current tariff policy is clearly slowing economic activity. However, next year it is more likely to move toward easing rather than heightened tension."

He said, "Adjusting from a situation where a blanket 10% tariff was imposed to about 15% for many countries is not as abrupt a change as the market fears," and diagnosed that "uncertainty surrounding tariffs is gradually easing."

Earlier, President Trump applied a roughly 10% base tariff on all imports shortly after taking office, and in July announced the introduction of additional tariffs. If those measures are implemented as planned, the average tariff rate on major trading partners is expected to rise to the early 15% range. According to related statistics, the U.S. average tariff rate has risen from about 2% to around 14% since Trump took office.

Moynihan also mentioned China and the North American region as separate variables. He said, "The China issue remains complex, and the 2026 scheduled review of the United States–Mexico–Canada Agreement (USMCA) is also an important variable," while assessing that "overall, the phase of trade policy becoming extremely rigid is passing."