Bank of America’s Moynihan sees Trump’s tariffs starting to de-escalate

Bank of America Corp. Chief Executive Officer Brian Moynihan said he expects the Trump administration to de-escalate trade tensions next year after tariffs sent shockwaves through the US economy in 2025.

Moynihan said in an interview taped earlier in December and aired Sunday on CBS News’ Face the Nation that Bank of America now sees “de-escalation, not escalation,” with an average of 15% tariffs, and higher rates for countries that won’t commit to U.S. purchases or lowering non-tariff barriers.