Wells Fargo's profit beat expectations in the first quarter as the bank cut costs and set aside less money to cover potential loan losses, but its CEO warned on Friday that U.S. tariffs risk slowing economic growth.

The bank’s stock falls as revenue falls below forecasts, but profit tops as one-time items and share buybacks provided a big boost

During a conference call Thursday, Wells Fargo economists discussed the economic implications of tariffs. On Wednesday, President Donald Trump paused higher tariffs on most countries, except China, for 90 days. Tariffs are a tax on imports coming into the U.S. that those importers pay.