Bank CEOs Meet Commerce Secretary Over Trump Tariff Plans

U.S. bank executives met with Commerce Secretary Howard Lutnick to discuss President Trump's tariff announcements. CEOs expressed concerns over tariffs' impact, warning of potential negative consequences. The meeting occurred following Trump's global tariff announcement, contributing to Wall Street's turbulence.

In a significant gathering, the heads of the largest U.S. banks congregated with Commerce Secretary Howard Lutnick to delve into the ramifications of President Donald Trump's newly unveiled tariff plans. The meeting unfolded last Thursday in Washington, under the aegis of the Financial Services Forum, a notable industry lobbying collective.

Representatives from the forum underscored the routine nature of these high-level discussions, highlighting the necessity of engaging policymakers on diverse issues like banking resilience, policy implementation, and stimulating economic growth. While the Commerce Department remained tight-lipped, the administration confirmed the engagement.

Lutnick's interaction with the elite group spanned about thirty minutes, coinciding closely with the president's announcement of extensive tariffs, which stirred a sell-off frenzy on Wall Street. Of special note was JPMorgan Chase's CEO, Jamie Dimon, who, in his recent letter to shareholders, sounded alarm bells over the enduring adverse effects potential tariffs might unleash.

(With inputs from agencies.)