A wave of concern is sweeping through corporate America as the government’s aggressive tariff policies shake business confidence and fuel fears of a looming recession.
Billionaire hedge fund manager Bill Ackman sounded the alarm, describing the administration’s tariff threats as an “economic nuclear war.” In a post on social media platform X, Ackman warned that these trade measures risk destroying global trust in the US as a stable economic partner and could take decades to repair. He called for a 90-day moratorium on new tariffs to allow room for negotiation and de-escalation.
These concerns are being echoed by Wall Street heavyweights. Larry Fink, chief executive of BlackRock, the world’s largest asset manager, said most CEOs he has spoken to now believe the US economy is already in recession—a sentiment he directly linked to the escalating trade conflict. Speaking at the Economic Club of New York, Fink cautioned that equity markets could slide another 20 percent if trade tensions continue unchecked.
Markets have responded in kind. The benchmark S&P 500 index has dived over 10 percent, losing about $5 trillion in market value following the latest tariff announcements, as investors brace for what many fear could become a full-blown global trade war.
New data underscores the mounting anxiety in boardrooms across the country. A survey by CBIZ and Hofstra University found that over half of mid-sized business CEOs are deeply worried about the financial impact of tariffs, while more than 70 percent say they are delaying investment decisions. The findings point to a drop in long-term investment appetite as companies hedge against policy uncertainty.
Despite the backlash, the administration has doubled down on its tariff-first strategy, declaring, “Sometimes you have to take medicine.” But business leaders warn that without a course correction, the US could face long-term economic damage.
