Trump Meets CEOs Amid Market Sell-Off Fueled by Tariffs

President Donald Trump met with top CEOs on Tuesday amidst heightened market volatility caused by his tariff-heavy economic policies. The meeting, held at the quarterly gathering of the Business Roundtable (BRT), a nonpartisan economic advocacy group comprising over 200 CEOs, saw participation from prominent figures like Apple CEO Tim Cook, JPMorgan Chase boss Jamie Dimon, GM chief Mary Barra, and Walmart CEO Doug McMillon.

Financial markets have been experiencing a prolonged sell-off, with the Dow Jones Industrial Average dropping over 700 points before partially recovering by 1:30 p.m. ET on Tuesday. This uncertainty stems largely from Trump's fluctuating stance on tariffs, particularly those imposed on Canada and Mexico.

Escalating Trade Tensions

Trump has disregarded calls for clarity from the business community and downplayed concerns that his expanding tariff plans risk triggering an uncontrollable trade war. On Tuesday morning, he escalated tensions by doubling his tariffs on Canadian aluminum and steel imports in response to Ontario's proposed energy surcharge plan. However, Ontario Premier Doug Ford later announced a pause in his energy surcharge plan following discussions with U.S. Commerce Secretary Howard Lutnick.

Meanwhile, China retaliated with tariffs on numerous U.S. agricultural products, and global leaders are preparing for the widespread "reciprocal tariffs" that Trump has pledged to implement starting April 2nd.

Economic Outlook and Market Volatility

When questioned in an interview aired on Sunday about the possibility of a recession this year, Trump responded, "I hate to predict things like that." The White House has attempted to minimize the market sell-off, arguing that it is more significant to focus on business leaders' actions rather than short-term stock fluctuations. White House press secretary Karoline Leavitt emphasized that business optimism remains high and asserted, "We are in a period of economic transition."

Business Roundtable's Concerns

The Business Roundtable has previously expressed hope that Trump will secure trade deals that avoid tariffs with Canada and Mexico, warning that prolonged duties could have "serious costs for American families, farmers, and manufacturing." The group's concerns highlight the potential negative impact of escalating trade tensions on the U.S. economy.