Tax

In a dramatic move, conservative hardliners blocked President Donald Trump's tax and spending bill, which would have included many measures favored by banks.

The president said Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick "will be sending letters out essentially telling people" what "they'll be paying to do business in the United States."

Credit unions' federal tax exemption survived as the House Ways and Means Committee cleared Trump-backed tax cut extensions, but the issue could reemerge as a pay-for in final budget negotiations.

Federal Reserve Vice Chair Philip Jefferson said in a speech Wednesday that elevated tariffs will likely lead to inflation, but time will tell how impactful that spike in prices might be.

A draft spending bill slated for consideration in the House Ways and Means Committee Tuesday maintains the credit union industry's longstanding exemption from most federal taxes, but the issue is far from settled.

A 90-day pause on reciprocal tariffs between the U.S. and China boosted the near-term economic outlook for banks, but tensions and uncertainty around trade barriers remain high.

Federal Reserve Gov. Adriana Kugler said in a speech in Dublin that trade barriers could soon affect prices and slow down growth while increasing uncertainty in 2025.

As it rolls out dozens of new products to up its game in stablecoins and artificial intelligence, the payment company is also working with sellers wishing to expand activities involving non-U.S. corridors.

Incentive pay for investment bankers at major firms is expected to fall this year by 13% from 2021 levels, according to a consulting firm's report. But stock traders may reap the rewards of market volatility.

Federal Reserve Gov. Michael Barr said global supply chain disruptions and inflation caused by tariffs could weigh heaviest on small businesses, especially those with little access to credit.

Federal Reserve Chair Jerome Powell will likely be asked about the economic fallout from President Trump's tariff rollout during his press conference following the Federal Open Market Committee meeting.

The London-headquartered bank is extending its TradePay platform to directly cover the cost of tariff payments, allowing importers to effectively borrow to meet the increased expenses involved in shipping products into the U.S.

Treasury Secretary Scott Bessent said he expects negotiations with trading partners over tariffs to conclude by the end of the year but acknowledged that talks with China had not yet begun.

The unemployment rate held steady at 4.2%, suggesting uncertainty over President Donald Trump's trade policy has yet to materially impact hiring plans.

Executives at the San Antonio bank say their business customers should be able to pass along higher costs from tariffs to consumers. Still, the bank acknowledged the risk of a recession.

As Trump's trade war causes politically influenced shifts, the card brand contends it is set to pick up volume in non-American corridors.

The Federal Reserve's preferred inflation reading fell in March, but the positive reading came before new trade policies hit the economy.

Inflation-adjusted gross domestic product decreased an annualized 0.3% in the first quarter, well below average growth of about 3% in the prior two years, according to the government's initial estimate.

The potential for a global trade war has largely undone the optimism that the industry exhibited at the beginning of the year. Here's a look at three ways that tariffs could negatively impact banks.

During the payment company's earnings call, CEO Alex Chriss said "we can be a place to come in times of need."