Bank of America Chief Executive Officer Brian Moynihan said that the U.S. trade war appears to be de‑escalating, with average tariffs settling around roughly 15% for many countries after a period of uncertainty for businesses. He noted that while tariffs still remain higher for some trading partners, the shift from initial tariff shocks to a more predictable rate structure could ease pressures on planning and investment. Moynihan outlined these views during an interview aired on CBS News’ Face the Nation, where he also underscored that China and North American trade agreements remain distinct areas of focus.
Moynihan expressed concern about the emphasis being placed on the Federal Reserve’s role in the economy as President Donald Trump considers appointing a new Fed chair. He warned that if the Fed’s independence were compromised, markets could react negatively, adding that the U.S. economy is driven broadly by private sector activity rather than solely by monetary policy decisions.
His comments reflect a dual focus: cautious optimism about evolving trade policy and a strong view on the importance of central bank independence in maintaining economic stability and investor confidence.
