Asia FX moves little with focus on US-China trade, dollar steadies ahead of CPI
Investing.com -- Top global bank executives, including those from JPMorgan Chase (NYSE:JPM) and Bank of America, held a call on Sunday to discuss the potential ramifications of the heavy tariffs recently introduced by President Donald Trump. The discussion was arranged by the Bank Policy Institute, a trade group representing large U.S. lenders, according to Reuters, citing sources familiar with the event. Barclays (LON:BARC) CEO C.S. Venkatakrishnan was also reportedly present.
This unusual, confidential conversation highlights the increasing concern within the financial sector regarding the economic implications of the tariffs. Bank shares, which are closely linked to the economy's health, have suffered in recent days as investors worry that the instability could impact consumer spending, increase the likelihood of a recession, and slow down capital markets activity.
The KBW Bank index, a measure of the banking sector's performance, has seen a decrease of about 15% since the new tariffs were announced on April 2, a day President Trump referred to as "Liberation Day".
Notable figures in finance have voiced their concerns. JPMorgan CEO Jamie Dimon suggested that the tariffs might have lasting negative effects, while billionaire investor Bill Ackman warned that the U.S. could be heading towards "a self-induced, economic nuclear winter".
Sky News first reported the details of the call earlier in the day, stating that top executives from Citigroup (NYSE:C) and HSBC were also in attendance. Bank representatives did not immediately respond to requests for comment.
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