On July 16th, local time,
As tariffs took effect, executives at some banks on Wall Street in the United States have been expressing concerns about rising inflation and the potential worsening of the U.S. economy, noting that corporate clients are acting more cautiously.
Citigroup CEO Jane Fraser stated that they have seen customers pause capital expenditures and hiring. The bank expects consumer spending to cool down in the second half of the year if prices soar. Wells Fargo CEO Charles Scharf mentioned that he has met with some commercial banking clients, many of whom have found ways to avoid passing on the 10% tariff to their customers. Meanwhile, they are preparing for an economic downturn, having developed contingency plans for scenarios where the economy declines. (Zhao Miao, CCTV)
Trump’s tariff policies impact the global economy.