Major figures in the business world have spent the last 48 hours ringing alarms on the economic consequences of President Donald Trump’s trade war – some even reversing their previous support positions.
While many Small businesses across the United States For months, Trump’s policies and the uncertainty they have injected into their operations, last week’s price deployment has amazed America’s cisses. In a CNBC Flash Survey CEOs published Monday morning, 69% expected a recession, with 37% saying that they should reduce jobs this year.
“Disappointing stupid and illogical,” CEO said by describing Trump’s prices at CNBC. “Without the faith that our government knows what it does, it is impossible for companies to prosper.”
Speaking in a television interview with Bloomberg, the CEO of Blackrock, Larry Fink, echoed the feelings of the investigation. “Most CEOs, I’m talking about saying that we are in recession at the moment,” he said.
JPMorgan Chase CEO Jamie Dimon said in his annual shareholder letter The fact that Trump’s prices “slow down growth” as “input costs increase and increase interior products”. Friday, the bank increased its chances for a recession of 40% to 60%.
Dimon’s comments are a lively reversal of those he made in January urging people to “overcome” Trump’s pricing policy because they were “good for national security”.
But he is not the only business manager to change his melody after high market losses and a myriad of recession indicators.
Billionaire investor Bill Ackman said in a X post Monday morning that “the world economy is being removed due to bad mathematics”, capping a weekend of missives which called for a 90 -day break On the implementation of prices and others targeting the Trump political team. The CEO of Pershing Square also said that the secretary of trade Howard Lutnick “takes advantage when our economy implodes”, a statement he made a few hours later.
“This is not what we voted for,” Ackman wrote, who also officially approved Trump last summer.
On Sunday, billionaire investor Stanley Druckenmiller said in a rare position On X – In response to another user publishing an interview in January on commercial policy – that “I do not support prices greater than 10%, which I clearly specified”.
Richard Branson, billionaire co -founder and CEO of Virgin Group, called The Trump administration to “have up to an error and colossal change course” before the economic benefits spread.
“While the dollar is weakening, American consumer prices will increase,” continued Branson. “And countless small and medium -sized businesses will go, and will already go bankrupt accordingly. It is not a long -term winning strategy. ”
The discomfort has even spread to the Circle of Trump’s advisers. In what seems to be his first major break with the president, the CEO of the billionaire Tesla, Elon Musk, shared an anti-tail apparently Video on X Monday morning with an economist praising the “free market operation”.
Musk too said Saturday During a speech during an event organized by the Right’s right-wing co-Ruisseau party from Italy according to which “Europe and the United States should, ideally, in my opinion, to a zero tariff situation, effectively creating a free trade area between Europe and America.”
In response, Peter Navarro – largely considered as the architect of Trump’s pricing policy – rejected Musk as a “car assembler” in a CNBC interview on Monday.
“He’s an automotive person,” said Navarro. “That’s what he does, and he wants cheap foreign parts.”