• Moody's head of global private credit, Marc Pinto, said he doesn't see a banking crisis looming despite increased investor concern about the quality of certain bank loans.

“When we dig deeper here and look to see if there’s a turn in the credit cycle, which is effectively what the market seems to be focusing on, we can find no evidence,” Pinto told CNBC. “That could always change. But if we look at the asset quality numbers that we’ve seen over the last several 

quarters, we’re seeing very little deterioration at all.”

Pinto also noted that the U.S. economy has proved to be more resilient than expected.

“With respect to GDP growth, we’re doing much better than many people thought just six months ago,” he said. “So again, the credit conditions, looking at GDP growth as well as an expected decline in interest rates, we feel the credit quality is in a pretty good place today and potentially may improve.”

• Trump said the high tariffs he has threatened to impose on imports from China, which could run as high as 157%, are not sustainable in the long run.
• President Donald Trump’s tariffs will cost global businesses upward of $1.2 trillion in 2025, with most of the cost being passed onto consumers, according to a new analysis from S&P Global.
• The firm says that just one-third will be borne by companies, with the rest falling on the shoulders of consumers, under conservative estimates.
• “While Americans may face a transition period from tariffs upending a broken status quo that has put America Last, the cost of tariffs will ultimately be borne by foreign exporters,” White House spokesman Kush Desai said in a statement.

• In a white paper released Thursday, the firm said its estimate of additional expenses for companies is probably conservative. The price tag comes from information provided by some 15,000 sell-side analysts across 9,000 companies who contribute to S&P and its proprietary research indexes.

  “The sources of this trillion-dollar squeeze are broad. Tariffs and trade barriers act as taxes on supply chains and divert cash to governments; logistics delays and freight costs compound the effect,” author Daniel Sandberg said in the report. “Collectively, these forces represent a systemic transfer of wealth from corporate profits to workers, suppliers, governments, and infrastructure investors.”

  Trump in April slapped 10% tariffs on all goods entering the U.S. and listed individual “reciprocal” tariffs for dozens of other countries. Since then, the White House has entered a series of negotiations and agreements while also adding duties on a variety of individual items such as kitchen cabinets, autos and timber.