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The head of Bank of America, Brian Moynihan, shared his thoughts on the new tariffs on imported cars introduced by President Donald Trump, discussed consumer reactions to the government's tariffs, and the bank's expectations regarding interest rates.He emphasized that the new measure, announced on Wednesday by the president, imposes a 25% tariff on passenger cars, light trucks, and some auto parts imported into the U.S.'I think this issue is no surprise. It was a campaign issue, it was talked about, but now reality has set in, so people are starting to make adjustments and are tired of understanding what this means,' Moynihan said on Thursday during 'The Claman Countdown' show.Analysts at Bank of America believe that the new tariff will lead to higher prices for cars and a slowdown in car purchases, Moynihan stated, noting that 'it's being reflected in the market'.'If you think about it overall, it could lead to an inflation increase of 0.25%. It may slow down growth in countries that export more to the U.S., like Japan, but overall these things are absorbed from now on,' Moynihan said. 'Nobody has analyzed it yet, so immediately no one knows how it will all affect. These are unprecedented moments in terms of volumes and various elements.'The car tariff is set to be introduced next week, and it is the latest tariff imposed by Trump since he took office in January.'If we look at our teams and consider all the tariff discussions, our research groups at Bank of America believe that the U.S. has positive growth of 2%, 1.5% in the first few quarters, and moving to 2%, which is a fairly optimistic view,' Moynihan told Claman.He also stated that Bank of America sees no need to lower interest rates, as they believe inflation is stable and will continue to be so.According to the U.S. Department of Labor, the consumer price index rose by 0.2% in February compared to the previous month and by 2.8% compared to the year-ago ratio.According to Bank of America, their clients continued to spend money at the beginning of March.'The money spent from their accounts, not just from using credit and debit cards, which accounts for just over 5%, is overall - 5% higher than in March 2024/25, and in the first quarter - it's the same, slightly more active compared to the fourth quarter,' he reported.'So, while there are rumors that consumers have stopped spending money, we have not seen that yet,' Moynihan said, noting that this indicates a good economy in the United States and that it will manifest in the future.According to Bank of America's credit card data, spending on food has increased due to rising prices, Moynihan reported. Restaurants and entertainment venues also show positive results.'The credit quality among consumers is good, especially among premium consumers,' Moynihan said. 'They have closed a mortgage loan with a very low rate, despite the increased rates and the difficulties this causes in the housing market. Cars are already under pressure due to higher interest rates, so it will only intensify if tariffs join in, and we will see how it develops.'He stated that it all comes down to employment for the consumer, noting that unemployment in the U.S. is currently at a percent and said that wages 'remain relatively strong'.In February, according to the University of Michigan consumer survey, consumer confidence fell by almost 11%.'The American consumer is interesting, as they can say one thing and do another,' Moynihan told Claman. 'And despite the fact that confidence dropped last month, they still spent this month. At the end of the day, if they are employed, we pay them more, turnover in the business market decreases, and the labor market is not as tight as it was two years ago or a year ago, then this is a stable situation.'He said that tariffs and 'issues regarding tariffs and uncertainty' concern small and medium-sized enterprises and large corporations more.'But if we look at our small entrepreneurs, it is interesting that before the pandemic they could take credit for about 40% of their credit line, and now they are lagging behind that by about 3 or 4%,' Moynihan said.He noted that they are trying to ensure that 'they truly have a need to spend money', and tariffs 'just raise another question'.They 'will stay a little in the shadows' until more details become available, Moynihan said.