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On Tuesday, President Donald Trump convened with leading CEOs amid a turbulent economic landscape where many companies have faced significant declines in value. These fluctuations are largely attributed to Trump’s tariff-heavy policies, which have introduced uncertainty and contributed to a downturn in the stock market.
Trump participated in the quarterly meeting of the Business Roundtable, a nonpartisan group representing over 200 prominent CEOs based in Washington. Key figures in attendance included Apple CEO Tim Cook, JPMorgan Chase CEO Jamie Dimon, General Motors chief Mary Barra, and Walmart CEO Doug McMillon, all members of the BRT board.
This meeting coincided with a continued sell-off in financial markets, exemplified by the Dow Jones Industrial Average, which experienced a drop of more than 700 points by 1:30 p.m. ET on Tuesday, although some losses were later mitigated.
The volatility on Wall Street has largely been fueled by uncertainty surrounding Trump’s fluctuating tariff policies regarding Canada and Mexico. Despite calls from the business sector for clearer guidance, Trump has dismissed these concerns, even as fears grow about the risk of escalating into a wider trade conflict.
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In a surprising move on Tuesday morning, Trump announced a significant increase in tariffs. Following Ontario’s announcement to retaliate by imposing taxes on electricity exports to the United States, Trump stated his intention to double tariffs on Canadian aluminum and steel imports.
Later in the day, Ontario Premier Doug Ford indicated a pause on the energy surcharge plan as discussions continued with U.S. Commerce Secretary Howard Lutnick.
Additionally, China implemented retaliatory tariffs on various U.S. agricultural goods on Monday, as global leaders braced for further “reciprocal tariffs” slated to begin on April 2, as promised by Trump.
When asked in a Sunday interview whether he could rule out a potential recession within the year, Trump responded carefully, expressing reluctance to make predictions on such matters.
The White House has attempted to downplay the current market declines, suggesting that the focus should be on the actions of business leaders rather than temporary fluctuations in stock prices. White House press secretary Karoline Leavitt remarked that daily market changes represent merely “a snapshot of a moment in time.”
Leavitt emphasized that there remains high business optimism and characterized the current economic climate as a period of transformation.
The Business Roundtable has previously voiced hope that Trump would negotiate trade agreements that could avert tariffs with both Canada and Mexico. They have cautioned that prolonged tariffs could impose “serious costs for American families, farmers, and manufacturing.”
This is developing news. Please check back for updates.
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