Top US CEOs warn Trump’s tariffs may harm the economy

By Minh Hieu April 2, 2025 | 07:36 pm PT

U.S. President Donald Trump signs an executive order on tariffs, in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. Photo by Reuters

The Business Roundtable, a group of leading American CEOs, cautioned that U.S. President Donald Trump’s new tariffs might damage the country’s economy.

Trump on Wednesday escalated global trade tensions by imposing 10% tariffs on all imports, along with additional steep levies on key trading partners, as reported by CNBC.

Business Roundtable’s CEO, Joshua Bolten, said: "Universal tariffs ranging from 10-50% run the risk of causing major harm to American manufacturers, workers, families and exporters."

The group comprises over 200 CEOs from top U.S. companies, with its board featuring automaker General Motors CEO Mary Barra, Apple CEO Tim Cook, and lender JPMorgan Chase CEO Jamie Dimon.

Bolten noted that the economic impact will worsen the longer the tariffs remain in effect and could be further intensified by retaliatory measures, as quoted by CNN.

He said the group is calling on the administration and major trading partners to quickly work toward agreements that would remove the tariffs.

"In the meantime, we strongly encourage the administration to grant additional reasonable exemptions and establish a transparent, predictable exclusion process," he added.

Similarly, Michelle Korsmo, president and CEO of the National Restaurant Association, warned that the new tariffs will drive up the costs of food, beverages, and packaging, resulting in higher prices for diners.

She noted that this comes at a particularly challenging time for the U.S. restaurant industry, which has already faced a 40% surge in food costs over the past five years, according to AP.

Restaurant operators are also concerned about securing a steady supply of fresh, imported ingredients, she said.

"Restaurant operators source as many domestic ingredients as they can, but it’s simply not possible for U.S. farmers and ranchers to produce the volumes needed to support consumer demand," Korsmo added.

On Wednesday, stocks, particularly those of tech companies, slumped following Trump's tariff announcement.

Nasdaq futures dropped 3.3%, and in after-hours trading, around $760 billion was wiped from the market value of the Magnificent Seven tech giants. Apple shares fell by nearly 7%.

"The tariff rates unveiled this morning far exceed baseline expectations, and if they aren't negotiated down promptly, expectations for a recession in the U.S. will rise dramatically," IG market analyst Tony Sycamore said, as quoted by Reuters.