Bank of America CEO Brian Moynihan anticipates a de-escalation of trade tensions under the Trump administration in 2025, moving from an average of 10% to 15% tariffs for many countries. While acknowledging potential impacts on China and North American partners, he noted that tariffs are currently a lesser concern for small businesses than labor availability. Moynihan's comments suggest a shift from broad-based tariffs to more targeted rates, with some relief expected as rates ease.