Bank of America CEO says Trump trade policy worries US business community
Business leaders are worried that the Trump administration won’t end the China trade war in a “reasonable period of time,” according to Bank of America CEO Brian Moynihan.
“The issue of the trade war is on people’s minds,” said Moynihan, who also is a member of the Business Roundtable, to FOX Business’ Maria Bartiromo on Monday. “I think it’s critical, at some point, we’ve got to reach agreements so people can go plan their business around them.”
Moynihan is among dozens of CEOs on the Business Roundtable’s board of directors, including Jamie Dimon of JPMorgan Chase, Mary Barra of General Motors and Douglas McMillon of Walmart.
While the U.S. struck a new trade deal with Canada and Mexico to replace the North American Free Trade Agreement, a long tit-for-tat tariff battle with China — led by President Trump continues to escalate.
Moynihan said he hopes Trump ends the fight quickly.
“Everybody worries because you have two of largest economies in the world that could be affected,” he said.
“But underneath that, the principal's people are trying to straighten out on a fair basis for both countries, which is how to have people regulated. Can you operate in the country of freedom? Can you keep your intellectual property? Can you keep your data and use it around the world?”
Trump is scheduled to meet Chinese President XI Jinping at the G20 meeting in Argentina at the end of the month.