Top U.S. bank CEOs met with Commerce Secretary Howard Lutnick last week to discuss President Donald Trump’s newly announced tariff plans, just a day after the announcement was made.
The meeting took place on Thursday in Washington as part of a regular gathering hosted by the Financial Services Forum, an industry lobbying organization.
Lutnick outlined the administration’s tariff strategy, and the executives asked questions, according to two people familiar with the discussion.
A Forum spokesperson confirmed the meeting, stating that the group “meets regularly with policymakers to discuss various issues, including the strength and resiliency of the nation’s largest banks, and the importance of sound policy and regulation to support economic growth and job creation.”
An administration official also confirmed the meeting took place. The Commerce Department did not immediately respond to requests for comment.
The meeting, which included CEOs from the eight largest U.S. banks, lasted about 30 minutes, one source noted.
It came just one day after Trump announced sweeping global tariffs, which triggered a sharp selloff on Wall Street.
JPMorgan Chase CEO Jamie Dimon, who attended the session, had already warned in his annual shareholder letter that tariffs could have long-term negative effects.
Following the in-person meeting, the bank executives held a follow-up call on Sunday to discuss the possible economic fallout. That call was organized by the Bank Policy Institute, another industry trade group.
Bank stocks, closely tied to overall economic health, have taken a hit amid investor concerns that the tariffs could dampen consumer spending, increase the risk of a recession, and slow down capital markets.
Since the new levies were announced on April 2—a date Trump dubbed “Liberation Day”—the KBW Bank Index has fallen roughly 15.2%.
Disclaimer- Our team has thoroughly fact-checked this article to ensure its accuracy and maintain its credibility. We are committed to providing honest and reliable content for our readers.