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The biggest U.S. banks show no sign of capitulating to President Donald Trump’s mandate to slash credit card interest rates, setting up a confrontation just as the president is expected to take the world stage next week at Davos.

Executives at JPMorgan Chase

and Citigroup

warned this week that rather than offering cards at a 10% interest rate, as Trump has directed should happen by Jan. 20, the banks would simply close many customers’ accounts.