President Donald Trump is set to meet with more than 100 top business leaders Tuesday as uncertainty over his escalating trade war sparks unease on Wall Street and raises concerns about the U.S. economy's stability, The Washington Post reported.
Trump will speak at a Business Roundtable meeting on Tuesday, where he is expected to face mounting concerns from some of the nation's most influential corporate leaders over his aggressive tariff policies.
The event comes as fears over trade tensions contribute to a sharp sell-off in the stock market.
The Business Roundtable's board includes executives such as Chuck Robbins of Cisco, Tim Cook of Apple, and Jamie Dimon of JPMorgan Chase. While most business leaders have refrained from openly criticizing the White House so far, Trump's latest moves on tariffs could test their patience.
On Tuesday, Trump doubled import duties on Canadian steel and aluminum and suggested Canada should become the 51st U.S. state, escalating trade tensions with one of America's closest allies.
Additional tariffs are set to take effect on April 2.
The stock market has reacted negatively to the uncertainty surrounding Trump's trade policies, with major indexes declining Tuesday afternoon.
"Markets are going to go up, and they're going to go down, but, you know what, we have to rebuild our country," Trump told reporters Tuesday. "Long-term, what I'm doing is making our country strong again."
Uncertainty over Trump's tariff strategy has left businesses hesitant to invest, according to Donald Schneider, deputy head of U.S. policy at Piper Sandler and a former top aide to Republicans on the House Ways and Means Committee.
"On the business side, it's paralysis that you don't know how, whether, where, or how much to invest — that uncertainty is created by the tariffs and not understanding Trump's intent. The uncertainty is just as bad as tariffs themselves from a growth perspective," Schneider said.
Trump has given little indication that he is concerned about the stock market downturn. Over the past week, he implemented a 25% tariff on goods from Canada and Mexico before scaling back the duties on products covered under the North American trade pact. He also raised tariffs on all Chinese products by an additional 10%, pushing some Chinese import taxes to 45%.
According to Mark Zandi, chief economist of Moody's Analytics, business leaders remain uneasy.
"Business leaders, CEOs, and COOs are nervous, bordering on unnerved, by the policies that are being implemented, how they're being implemented, and what the fallout is. There's overwhelming uncertainty and increasing discomfort with how policy is being implemented," Zandi said. "Nobody is saying that out loud, but everyone is saying that in private conversations."
A senior U.S. bank executive, speaking anonymously, said investment is stalling as companies struggle to assess the long-term consequences of Trump's trade policies.
"If people are looking for certainty, they should look at the record of this president," White House press secretary Karoline Leavitt said Tuesday.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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