Sumitomo Mitsui braces for tariff fallout with more buffers

Sumitomo Mitsui Financial Group is strengthening its financial buffers ahead of U.S. President Donald Trump's potential trade war, while still forecasting a significant profit increase. The Tokyo-based lender expects net income to rise by about 10% to ¥1.3 trillion in the upcoming year, slightly below analysts' average estimate due to projected impacts from U.S. tariffs. As Japan’s largest bank to provide profit guidance, Sumitomo Mitsui is addressing challenges posed by Trump's protectionist measures and the ongoing global economic uncertainties.