The mortgage market has just stirred up a wave, and the US policy focus has shifted back to consumer credit. This week, Trump made a major statement on social media—suggesting that starting from January 20 next year, the cap on credit card interest rates be set at 10% for one year, directly targeting the issue of "excessive charges" by credit card companies.

This proposal is not without precedent; it was part of related commitments during the 2024 campaign, and now it has become a tangible policy signal. However, the reality is less idealistic— the White House has neither provided an implementation plan nor explained how to enforce compliance among financial institutions.

The financial sector immediately erupted in controversy. Hedge fund magnate Bill Ackman, who previously supported Trump, was the first to speak out, calling it a "bad idea." He posed a pointed question: if interest rates are forcibly lowered, how will banks cover their risk costs? How will they ensure shareholder returns? The likely outcome could be—banks collectively cancel consumer credit cards, forcing millions of people into underground high-interest loan markets, which would be truly uncomfortable.

Major issuing banks like JPMorgan Chase, Bank of America, Citibank, US Bank, and First Capital remain silent for now, unwilling to be the first to oppose. Industry experts generally believe that without legislative backing from Congress, relying solely on administrative appeals will be difficult to legally bind companies. The ultimate direction of this interest rate tug-of-war still depends on Congress's stance.