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Trump's Trade Policy Eases, Small Businesses Still Struggle

12/29/2025

Summary

Story summary

U.S. President Donald Trump’s trade policy is moving toward de-escalation, with tariffs around 15% for many countries, according to Bank of America CEO Brian Moynihan.
Moynihan told CBS News that earlier tariff uncertainty disrupted small businesses, but clarity is improving.
He said small firms face greater labor shortages due to unsettled immigration policies, even as tariffs have lessened.
He also acknowledged that China presents unique challenges because of national security interests.

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Story summary

U.S. President Donald Trump’s trade policy is moving toward de-escalation, with tariffs around 15% for many countries, according to Bank of America CEO Brian Moynihan.
Moynihan told CBS News that earlier tariff uncertainty disrupted small businesses, but clarity is improving.
He said small firms face greater labor shortages due to unsettled immigration policies, even as tariffs have lessened.
He also acknowledged that China presents unique challenges because of national security interests.