The Republican president spoke to about 100 CEOs at a regular meeting of the Business Roundtable in Washington, an influential group of CEOs leading major U.S. companies, which include Apple, JPMorgan Chase and Walmart . Trump met with technology company executives at the White House on Monday.
“The tariffs are going to be throwing off a lot of money for this country” and entice companies abroad to build plants in the United States, he said.
He ramped up a burgeoning trade war with Canada, vowing to double tariffs set to take effect within hours on all imported steel and aluminum products from America’s northern neighbor to 50%. The White House said later the tariff would remain at 25% after Canadian officials agreed to talks.
U.S. stocks on Tuesday extended last week’s selloff that has dragged the benchmark S&P 500 down 3.6% since Trump’s election in November last year and 5.3% so far in 2025.
Investors fear that Trump’s trade policies could trigger an economic slowdown. Meanwhile, a survey of American households showed consumers growing more pessimistic about their prospects.
Trump said last month the policies could cause “short-term, some little pain” before delivering long-run benefits. In a Fox News interview aired over the weekend, he declined to predict whether his economic policies would cause a recession. “I don’t see it at all,“ Trump said on Tuesday regarding a recession.
But tax cuts need congressional approval. And some economists see plans to increase deportations of undocumented immigrants increasing price pressures in the labor market, while cutting the federal workforce could raise unemployment.
Economists at Goldman Sachs Group have cut their 2025 U.S. growth forecast and raised their inflation forecast, “both on the back of more adverse tariff assumptions.” The forecast remains positive for the year.
But the group also urged “negotiators to redouble efforts to secure a path forward that swiftly removes the recently implemented tariffs. These tariffs, especially if they are long-lasting, run the risk of creating serious economic impact.”
The group said the White House and Congress should preserve the benefits of the North American free trade deal with Mexico and Canada signed during Trump’s first term.
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