JPMorgan’s card spending rose 7%, and net interest income climbed 2% to $23.3 billion|Ben Sutherland|CC BY 2.0

America’s top banks say the US economy is showing strength despite global trade tensions. JPMorgan, Citigroup, and Wells Fargo all posted better-than-expected second-quarter profits.

JPMorgan’s card spending rose 7%, and net interest income climbed 2% to $23.3 billion. Citigroup also reported a 4% rise in card spending.

Wells Fargo saw an 8% increase in investment banking revenue to $463 million. 

Executives pointed to strong consumer demand and improved economic outlook after President Donald Trump delayed new tariffs and Congress passed tax cuts. 

Though recession fears eased, risks remain. Goldman Sachs warns consumers may bear 70% of tariff costs. Inflation rose to 2.7% in June, complicating future Fed rate decisions.