Donald Trump spent his 2024 campaign offering clear promises about tariffs on a nearly daily basis that were often downplayed by investors.
Shares of Bank of America, Morgan Stanley, and other big banks are down as much as 10%.
Just after the US election, when Wall Street was all-in on the prospects of a business-friendly Trump, Peter Berezin was sounding the alarm.
Trump just made the job of the Federal Reserve that much more difficult as he unveiled the steepest tariffs in more than 100 years.