CEOs are scaling back hiring and spending because of trade fears

[IronLionZion]

http://money.cnn.com/2018/06/05/news/economy/ceos-trade-war-trump-economy/index.html

America's leading CEOs are scaling back plans for hiring and spending because of President Trump's aggressive trade policy.
The Business Roundtable said on Tuesday that its CEO economic outlook index declined this quarter from a record high. It was the first drop in two years.

The powerful lobby, chaired by JPMorgan Chase (JPM) boss Jamie Dimon, blamed the more cautious attitude on "increased uncertainty" about the direction of US trade policy.

Backing up his campaign promises, Trump has attacked existing trade relationships with China, Europe, Canada and Mexico. He has imposed tariffs on close allies and threatened tariffs on China, raising the specter of a costly trade war that would dent economic growth.

Sixty-three percent of CEOs polled last month by the Business Roundtable said it was a "serious" risk that foreign trade retaliation would hurt American exports. Another 32% called it a "moderate" risk.

"Uncertainties about trade policy are a growing weight on economic progress — especially amid escalating trade tensions," Joshua Bolten, CEO of the Business Roundtable and a former chief of staff to President George W. Bush, said in a statement.

CEOs dialed back their US hiring plans for the next six months by 13% and their business spending expectations by 4%. The outlook for sales also dimmed.

Are you tired of winning yet?

[Fullduplexxx]

1. CEOs are scaling back hiring and spending because of trade fears

For later

[IronLionZion]

2. Those tax cuts haven't helped much

and were mostly spent on stock buybacks and dividends.