Major players in the U.S. business world have spent the past 48 hours issuing stark warnings about the economic risks posed by President Donald Trump’s ongoing trade war, with several reversing their previously supportive positions.
While small business owners across the country have long voiced concerns over the policy’s impact, last week’s fresh round of tariffs jolted corporate leaders into action. A CNBC flash survey published Monday found that 69% of CEOs now expect a recession, with 37% preparing to reduce their workforce this year.
One executive, speaking anonymously to CNBC, bluntly described the administration’s strategy as “disappointingly stupid and illogical.” The CEO added, “Without faith that our government knows what it is doing, it is impossible for businesses to thrive.”
Larry Fink, Jamie Dimon Break Ranks
Larry Fink, CEO of BlackRock, echoed the grim outlook in a televised interview with Bloomberg, stating, “Most CEOs I talk to say we’re in a recession right now.”
JPMorgan Chase CEO Jamie Dimon offered a similar message in his annual shareholder letter. While he had defended Trump’s tariffs earlier this year as a matter of national security, Dimon now warns that the policy is backfiring. “Input costs rise and demand increases on domestic products,” he wrote. According to him, it will “slow down growth.” The bank raised its recession forecast from 40% to 60% on April 4.
Investor Criticism Intensifies
Bill Ackman, CEO of Pershing Square and a former Trump supporter, took to X on the morning of April 7 with a flurry of posts condemning the administration’s economic strategy. “The global economy is being taken down because of bad math,” he wrote, calling for a 90-day pause on the tariff rollout. He also criticized Commerce Secretary Howard Lutnick, saying Lutnick “profits when our economy implodes,” a claim he retracted shortly after.
“This is not what we voted for,” Ackman added, distancing himself from the very policies he once endorsed.
Stanley Druckenmiller joined the chorus on April 6. In a rare social media post, he clarified his position on tariffs, writing, “I do not support tariffs exceeding 10% which I made abundantly clear.”
Branson, Musk, and a Fracturing Consensus
Virgin Group co-founder Richard Branson warned that continued tariff pressure would drive up consumer prices and bankrupt small businesses. “As the dollar is weakening, US consumer prices will rise,” Branson stated. “This is not a winning long-term strategy.”
Tesla CEO Elon Musk also signaled growing discontent. Over the first weekend of April, Musk appeared at a political event in Italy and advocated for a free trade agreement between Europe and the U.S. “Europe and the United States should move, ideally, in my view, to a zero-tariff situation,” he said. On April 7, Musk amplified his stance by sharing a video on X that praised free-market economics.
Peter Navarro, the architect of Trump’s trade agenda, dismissed Musk’s remarks during an interview with CNBC. “He’s a car person,” Navarro said. “That’s what he does, and he wants the cheap foreign parts.”
A Critical Turning Point in the U.S. Trade Policy
The mounting criticism from both inside and outside Trump’s traditional business base signals a significant shift. With warnings of recession growing louder and economic indicators flashing red, America’s top executives now find themselves at a critical crossroads, questioning not just the direction of trade policy, but its broader consequences for the global economy.
