Trump proposes 10% cap on credit card interest rates

Strong opposition is certain from Wall Street and the credit card companies, which donated heavily to his 2024 campaign and to support his second-term agenda

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US President Donald Trump

Reviving a campaign pledge, President Donald Trump wants a oneyear, 10 per cent cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his "full support." Trump said he hoped it would be in place January 20, one year after he took office.