FT News Briefing Is it glass half-full or half-empty for US banks?
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Apr 14, 2025 The U.S. faces temporary tariff exemptions on tech, causing uncertainty for consumers and businesses alike. Despite economic challenges, major banks like JPMorgan report strong earnings, though rising credit defaults spark concern. Tensions mount as the U.K. and EU inch closer to a defense pact while American academics contemplate leaving the country due to escalating pressures from the Trump administration. This mix of financial resilience and academic strife paints a complex picture of the current socio-economic landscape.
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Temporary Tariff Relief
- The Trump administration's tariff exemptions on personal electronics like smartphones and laptops are temporary.
- Semiconductors and pharmaceuticals will still face tariffs to encourage domestic production.
Banks and Volatility
- Big U.S. banks like JPMorgan Chase benefited from market volatility in early 2025.
- Increased trading activity, driven by uncertainty, boosted their profits.
Economic Headwinds
- JPMorgan Chase CEO Jamie Dimon warns of economic turbulence due to tariffs and trade wars.
- Rising credit card loan defaults signal strain on American consumers.