Goldman Sachs

Exclusive: Goldman Sachs survey finds investors expect long trade war

Illustration of a briefcase with Chinese stars stuck in it
Illustration: Sarah Grillo/Axios

Wall Street is hunkering down for a longer, more intense trade war, according to Goldman Sachs' monthly poll of more than 1,000 of the bank’s institutional and corporate trading clients, which found that most expect tariffs to hold steady as talks continue.

The backdrop: The survey, which gauges the sentiment of sophisticated investors about market-related topics, was conducted on Aug. 1-2, as President Trump said he would tax the remaining $300 billion worth of Chinese imports next month.

Bank CEOs pressed to stop working with gun makers

JP Morgan CEO James Dimon(L) and others are sworn in before they testify before the House Financial Services Committee
JPMorgan CEO Jamie Dimon and other bank CEOs sworn in ahead of House Financial Services Committee hearing. Photo: Mandel Ngan/AFP via Getty Images

Members of the House Financial Services Committee asked CEOs of the biggest financial institutions — JPMorgan, Goldman Sachs, State Street, Citigroup, Bank of America, Morgan Stanley and BNY Mellon — about their relationships with the gun industry during a hearing on Wednesday, among other social and consumer-driven issues.

Details: In response to a question from Rep. Carolyn Maloney (D-N.Y.) about whether JPMorgan would "adopt a formal policy" for its relationships with gun manufacturers, CEO Jamie Dimon defended the bank's current policy but said the company would "consider" adopting a responsible lending plan. In the wake of several mass shootings, Citigroup and Bank of America last year re-evaluated their business dealings with makers and sellers of firearms.