Top bank CEO: Trump’s tariffs are a 'huge, huge mistake’

    • A CEO of a top six U.S. bank tells CNBC that President Donald Trump's proposal is a "huge, huge mistake" and will have "global repercussions."
    • Trump said Thursday that the U.S. will impose tariffs of 25 percent for steel and 10 percent for aluminum as early as next week.

    President Donald Trump's tariff plan is getting a cold reception on Wall Street.

    A CEO of a top six U.S. bank told CNBC that Trump's proposal is a "huge, huge mistake" and will have "global repercussions."

    President Donald Trump speaks during a meeting with congressional members in the Cabinet Room of the White House February 13, 2018 in Washington, DC.
    Getty Images
    President Donald Trump speaks during a meeting with congressional members in the Cabinet Room of the White House February 13, 2018 in Washington, DC.

    Trump said Thursday that the U.S. will impose tariffs of 25 percent for steel and 10 percent for aluminum as early as next week.

    The move helped spark a 420-point drop in the Dow Jones industrial average Thursday, as shares of Boeing and General Motors and other manufacturers that use steel and aluminum fell. The Dow extended the decline on Friday, falling more than 300 points.