{"id":843801,"date":"2025-04-26T17:11:53","date_gmt":"2025-04-26T22:11:53","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/26\/business-leaders-speak-out-against-trumps-trade-war-with-the-world\/"},"modified":"2025-04-26T17:11:53","modified_gmt":"2025-04-26T22:11:53","slug":"business-leaders-speak-out-against-trumps-trade-war-with-the-world","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/26\/business-leaders-speak-out-against-trumps-trade-war-with-the-world\/","title":{"rendered":"Business leaders speak out against Trump’s trade war with the world"},"content":{"rendered":"
\n

Major figures in the business world have spent the last 48 hours sounding alarms about the economic consequences of President Donald Trump\u2019s trade war \u2014 some even reversing their previous supportive stances.<\/p>\n

While many small businesses across the United States<\/a> have for months decried Trump\u2019s policies and the uncertainty they\u2019ve injected into their operations, last week\u2019s tariff rollout stunned America\u2019s C-suites. In a CNBC flash survey<\/a> of CEOs published Monday morning, 69% expected a recession, with 37% saying they expected to cut jobs this year.<\/p>\n

\u201cDisappointingly stupid and illogical,\u201d one CEO said in describing Trump\u2019s tariffs to CNBC. \u201cWithout faith that our government knows what it is doing, it is impossible for businesses to thrive.\u201d<\/p>\n

Speaking in a televised interview with Bloomberg, BlackRock CEO Larry Fink echoed the sentiments of the survey. \u201cMost CEOs I talk to say we\u2019re in a recession right now,\u201d he said<\/a>.<\/p>\n

JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter<\/a> that Trump\u2019s tariffs would \u201cslow down growth\u201d as \u201cinput costs rise and demand increases on domestic products.\u201d On Friday, the bank raised its odds for a recession from 40% to 60%.<\/p>\n

Dimon\u2019s comments are a sharp reversal from those he made in January urging people to \u201cget over\u201d Trump\u2019s tariff policy because they were \u201cgood for national security.\u201d<\/p>\n

But he isn\u2019t the only business leader changing his tune following steep market losses and a myriad of recessionary indicators.<\/p>\n

Billionaire investor Bill Ackman said in an X post<\/a> Monday morning that \u201cthe global economy is being taken down because of bad math,\u201d capping off a weekend of missives that called for a 90-day pause<\/a> on tariff implementation and others aimed at Trump\u2019s policy team. The Pershing Square CEO also said that Commerce Secretary Howard Lutnick \u201cprofits when our economy implodes,\u201d a statement he walked back hours later.<\/p>\n

\u201cThis is not what we voted for,\u201d wrote Ackman, who also had officially endorsed Trump last summer.<\/p>\n

On Sunday, billionaire investor Stanley Druckenmiller said in a rare post<\/a> on X \u2014 in response to another user posting a January interview on trade policy \u2014 that \u201cI do not support tariffs exceeding 10% which I made abundantly clear.\u201d<\/p>\n

Richard Branson, the billionaire co-founder and CEO of Virgin Group, called on<\/a> the Trump administration to \u201cown up to a colossal mistake and change course\u201d before the economic fallout spreads.<\/p>\n

\u201cAs the dollar is weakening, US consumer prices will rise,\u201d Branson continued. \u201cAnd countless small and medium-size enterprises will go, and already are going, bankrupt as a result. This is not a winning long-term strategy.\u201d<\/p>\n

The uneasiness has even spread to Trump\u2019s own circle of advisers. In what appears to be his first major break with the president, billionaire Tesla CEO Elon Musk shared a seemingly anti-tariff video on X<\/a> on Monday morning featuring an economist lauding the \u201coperation of the free market.\u201d\u00a0<\/p>\n

Musk also said Saturday<\/a> during a speech at an event held by Italy\u2019s right-wing co-ruling party that \u201cEurope and the United States should move, ideally, in my view, to a zero tariff situation, effectively creating a free trade zone between Europe and America.\u201d<\/p>\n

In response, Peter Navarro \u2014 largely seen as the architect of Trump\u2019s tariff policy \u2014 dismissed Musk as a \u201ccar assembler\u201d in a CNBC interview Monday.<\/p>\n

\u201cHe\u2019s a car person,\u201d Navarro said. \u201cThat\u2019s what he does, and he wants the cheap foreign parts.\u201d<\/p>\n<\/div>\n

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J.J. McCorvey<\/a><\/span><\/span><\/p>\n

J.J. McCorvey is a business and economy reporter for NBC News.<\/p>\n<\/div>\n

J.J. McCorvey
Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Major figures in the business world have spent the last 48 hours sounding alarms about the economic consequences of President Donald Trump\u2019s trade war \u2014 some even reversing their previous supportive stances. While many small businesses across the United States have for months decried Trump\u2019s policies and the uncertainty they\u2019ve injected into their operations, last<\/p>\n","protected":false},"author":1,"featured_media":843802,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[378,160],"tags":[8652,6307],"class_list":{"0":"post-843801","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-leaders","9":"tag-business","10":"tag-leaders"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/843801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=843801"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/843801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/843802"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=843801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=843801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=843801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}