Klarna CEO Sebastian Siemiatkowski supports Trump’s proposal to cap credit card interest rates at 10% for a year, stating high rates trap lower-income borrowers in costly debt. He criticizes credit card rewards for mainly benefiting wealthier consumers. The proposal caused a sell-off in major financial stocks but could push consumers towards personal loans.

Read more at Yahoo Finance: Klarna CEO backs Trump’s 10% credit card cap, criticizing rewards as built on poorer borrowers’ debt