On Tuesday, President Donald Trump met with prominent CEOs, many of whom are grappling with significant declines in their company’s market value due to the uncertainty caused by his tariff-heavy economic policies.
Trump, a staunch advocate of tariffs, informed the gathering of business executives in Washington, D.C. that the tariffs he has enacted are producing a “tremendously positive impact.”
His statements were made at the beginning of the quarterly meeting of the Business Roundtable, a nonpartisan economic advocacy group that includes more than 200 CEOs.
Apple CEO Tim Cook, JPMorgan Chase head Jamie Dimon, GM CEO Mary Barra, and Walmart CEO Doug McMillon are all board members of the BRT.
This meeting took place amid a continued decline in financial markets. The Dow Jones Industrial Average fell by as much as 700 points before closing down 478 points, with the S&P 500 and Nasdaq also finishing lower.
Much of Wall Street’s unease has been focused on Trump’s inconsistent tariffs regarding Canada and Mexico. However, Trump dismissed calls for clarity from the business sector and concerns that his growing tariff strategy might ignite an uncontrollable trade war.
On Tuesday morning, Trump unexpectedly increased his tariffs once more. After Ontario stated it would retaliate against Trump’s provocations by hiking taxes on its electricity exports to the U.S., Trump responded by pledging to double the tariffs on Canadian aluminum and steel imports.
Later on, Ontario Premier Doug Ford announced the suspension of his energy surcharge plan following talks with U.S. Commerce Secretary Howard Lutnick. Subsequently, the Trump administration indicated it would not implement the threatened increase of tariffs on Canadian steel and aluminum to 50%.
Simultaneously, retaliatory tariffs imposed by China on numerous U.S. agricultural products began on Monday, and global leaders are preparing for the broad “reciprocal tariffs” that Trump has promised to impose starting April 2.
When asked in a Sunday interview if he could eliminate the possibility of a recession this year, Trump replied, “I hate to predict things like that.”
Thus far, the White House has aimed to minimize the significance of the market downturn, suggesting that it’s more “meaningful” to pay attention to the actions of business leaders rather than short-term fluctuations in stock prices.
These daily changes “are a snapshot of a moment in time,” stated White House press secretary Karoline Leavitt on Tuesday.
She insisted that business confidence remains strong, adding, “We are in a period of economic transition.”
The Business Roundtable has previously expressed hope that Trump will negotiate agreements that would prevent tariffs with Canada and Mexico, warning that prolonged duties could result in “serious costs for American families, farmers, and manufacturing.”
