Donald Trump and members of his administration are pictured during a cabinet meeting open to the press, PHOTO: Abaca Press
American business is sharply criticising Donald Trump’s new tariffs, which, according to CEOs of leading companies, could trigger a recession this year. According to CNBC, 69% of CEOs expect an economic downturn, while JPMorgan has raised its forecast of recession probability to 60%.
The majority of respondents believe that Trump’s customs policy is “destructive, illogical and dangerous”, and some executives are already talking about possible massive layoffs, inflation and a boycott of American brands abroad.
BlackRock CEO Larry Fink said: “We are already in a recession. More than 80% of companies are preparing to raise prices by 5% to 20%, which will hit consumers and increase the risk of stagflation.
CNBC also notes that US presidential policies are directly provoking an economic crisis for the first time, and many executives have said they are losing confidence in the government. Some warn of international repercussions, from reputational damage to a global sales slump.
