Bank of America CEO expects Trump tariffs to de-escalate, Bloomberg says

Bank of America (BAC) CEO Brian Moynihan believes the Trump administration will de-escalate trade tensions next year, Sarah Maddox of Bloomberg reports, citing comments made on CBS News’ Face the Nation. Bank of America sees “de-escalation, not escalation,” with an average 15% tariffs and higher rates for countries not committed to U.S. purchases. “To go from a 10% across-the-board to 15% for the broad base of countries – not a huge impact,” Moynihan said, according to Bloomberg. “And that’s where our team says it’s starting to de-escalate.”