By Lananh Nguyen
DAVOS, Switzerland (Reuters) – Bank of America Chief Executive Brian Moynihan on Tuesday welcomed economic policies announced by U.S. President Donald Trump since his inauguration as a “good thing” for business.
“They want to see the U.S. economy grow and prosper,” Moynihan said in an interview with Reuters on Tuesday, referring to the new administration.
Corporate executives and policy makers gathering at the World Economic Forum’s annual meeting in Davos, Switzerland, are parsing the economic impact of Trump’s initial executive orders.
Trump did not immediately impose tariffs, and said his new administration was not ready for a universal tariff on all imports into the United States.
“Everything we heard yesterday is not different than what we heard in the campaign … so now they’ve got to start to figure out how to implement these changes,” Moynihan said.
Tariffs of 10% to 15% are unlikely to have a significant impact on the economy or spur inflation, he added, citing BofA research.
(Reporting by Lananh Nguyen in Davos, Switzerland, Editing by Louise Heavens and Alexander Smith)
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