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Category: CRYPTO NEWS
The post Wall Street abandons China investment plans over Trump-related economic uncertainties appeared on BitcoinEthereumNews.com. Wall Street is abandoning China as uncertainty over president Donald Trump’s economic policies makes investing in the country more dangerous than ever. According to a Bloomberg report, banks that once poured billions into China are now cutting staff, shutting down units, and preparing for a possible full exit as US restrictions tighten. In mid-December, top executives from Goldman Sachs, Morgan Stanley, and other major companies met with US Treasury officials to get clarity on the latest investment rules targeting Chinese companies flagged as national security threats. Instead of answers, they left with more confusion. If Trump continues with his tariffs and sanctions as he has promised many times since he took office, China could become another Russia-style financial shutdown. US makes it hard for Wall Street to go to China The US government’s crackdown on China-linked investments has left banks scrambling to figure out what’s still legal. Wall Street’s total exposure to China was once predicted to hit $45 billion, generating almost $9 billion in annual profits by 2030, but clearly, now that forecast is collapsing. Per the Bloomberg report, Wall Street’s combined profits from China-related businesses, including lending, trading, and investments, have dropped by 20%, and the four largest global companies (Apple, Nvidia, Microsoft, and Amazon) earned only $33.7 million in China in 2024. At JPMorgan, China’s brokerage unit brought in only $26 million over five years—compared to the bank’s $57 billion global earnings in 2024. Goldman Sachs fared slightly better, making 490 million yuan ($67 million) in China from 2018 to 2023. But that’s a tiny 0.50% of its global $13 billion net income last year. It’s also barely above CEO David Solomon’s $39 million annual salary. And so in response, Wall Street companies are making drastic cuts their workforces. JPMorgan made some serious leadership changes in 2023,…
2025-02-17T04:44:07+00:00