Trump’s Trade War Threatens Wall Street Dominance, Global Banking Under Pressure

The financial power that has defined American dominance in global banking is facing a major challenge as Trump’s trade war escalates. Years of accruing a large financial services surplus are now under threat. As the US continues its trade deficit with other countries, Wall Street’s hold on key sectors like investment banking and cross-border transactions is being challenged. 2024 saw a sharp drop in the surplus, largely attributed to increased competition from international players.