'A critical crossroads': Business leaders speak out against Trump's trade war with the world
Major figures in the business world have spent the last 48 hours sounding alarms about the economic consequences of President Donald Trump’s trade war — some even reversing their previous supportive stances.
Major figures in the business world have spent the last 48 hours sounding alarms about the economic consequences of President Donald Trump’s trade war — some even reversing their previous supportive stances.
While many small businesses across the United States have for months decried Trump’s policies and the uncertainty they’ve injected into their operations, last week’s tariff rollout stunned America’s C-suites. In a CNBC flash survey of CEOs published Monday morning, 69% expected a recession, with 37% saying they expected to cut jobs this year.
“Disappointingly stupid and illogical,” one CEO said in describing Trump’s tariffs to CNBC. “Without faith that our government knows what it is doing, it is impossible for businesses to thrive.”
Speaking in a televised interview with Bloomberg, BlackRock CEO Larry Fink echoed the sentiments of the survey. “Most CEOs I talk to say we’re in a recession right now,” he said.
JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter that Trump’s tariffs would “slow down growth” as “input costs rise and demand increases on domestic products.” On Friday, the bank raised its odds for a recession from 40% to 60%.
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