The head of one of the world’s largest banks said the company’s business clients have told her that they “can absorb” a 10 percent tariff.
Citigroup CEO Jane Fraser said on May 5 that those same clients have indicated that a 25 percent tariff or higher wouldn’t be as tolerable. Fraser spoke at the Milken Institute’s Global Conference in Los Angeles.
Over the past month, the world’s financial sector adopted a reactionary posture as the United States announced a suite of tariffs and trade policy changes. On April 2, President Donald Trump declared that the country would impose tariffs as high as 50 percent on almost all of its trading partners….