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President Donald Trump's tariff policy has stirred global markets and also helped major Wall Street banks break historical records. Morgan Stanley's stock trading department achieved its strongest performance ever in the second quarter, while Citigroup's trading department also achieved its best performance in five years. The performance of these two bank trading departments easily surpassed analysts' forecasts, and even the investment banking business performed better than expected, despite market concerns that volatility might hinder trading. Citigroup CEO Jane Fraser told analysts on the earnings call, "In the new world order, volatility will be the norm rather than the exception. We will benefit from it." Since Trump announced tariffs on numerous trade partners in early April, the market has experienced severe volatility. This volatility has acted as a catalyst for Morgan Stanley's fixed income trading department, which achieved $5.69 billion in revenue in the three-month period; the stock trading department set a new record of $3.25 billion in the second quarter, second only to the historical record set in the first quarter of this year. On the Citigroup side, its stock trading department recorded $1.61 billion in revenue, while fixed income trading business grew by 20% year-over-year to reach $4.27 billion, surpassing market expectations.