CEOs on the defensive after the President's comments at World Economic Forum Big U.S. banks found themselves on the defensive Thursday, with Bank of America saying it doesn’t have a “political litmus test” for clients after President Trump suggested that leading financial institutions weren’t letting conservatives do business with them.

If implemented, the proposed tariffs could spike inflation, but national security is more important, the bank CEO said.

JPMorgan Chase CEO Jamie Dimon has changed his tune on tariffs, saying Wednesday that they're a valuable economic tool. "They're an economic weapon, you know, depending how you use it why you use it,