LARGE US banks reported results that topped estimates Tuesday as executives pointed to American economic resilience and said businesses were adapting to tariff uncertainty. Executives from JPMorgan Chase and Citigroup described US consumers as still fundamentally in good shape despite continued risks to the outlook. Both banks now see a lower risk of recession compared with April, when they last reported results. Top officials with the banks also characterized clients as less frazzled by President Donald Trump constantly changing trade policy compared with April, when financial markets were in turmoil. In the last week alone, Trump has threatened deep tariffs on some two dozen countries and spoken of new levies on copper and pharmaceuticals — announcements that many market watchers remain skeptical will be enacted in light of previous tariff pivots by the US president.
AFP
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