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Forget tariffs, here's why CEOs worry about a looming recession
Forget tariffs, here's why CEOs worry about a looming recession

Yahoo

timea day ago

  • Business
  • Yahoo

Forget tariffs, here's why CEOs worry about a looming recession

Forget tariffs, here's why CEOs worry about a looming recession originally appeared on TheStreet. Tariffs are on the tip of many Americans' tongues, thanks to the multifaceted trade war in which U.S. President Donald Trump has used foreign taxes as a key negotiating tactic against foreign economic rivals. While Trump says he loves everything about tariffs, including the word itself, the rest of the world's business leaders don't share his affinity. Global stock markets certainly hate the trade war. Every time a new tariff is announced, foreign and domestic markets fall. Every time Trump announces a deal has been reached, markets rise, even if no concrete deals are ever moreso than investors, Trump's tariffs place business leaders in a most awkward position. Businesses love predictability. Knowing what to expect and when to expect it allows them to plan for the future and forecast expectations. However, Trump's on-again, off-again tariffs have had the opposite effect, casting doubt on what businesses will have to pay their suppliers quarterly, monthly, or even weekly. This environment has, understandably, had an adverse effect on CEO confidence, as reflected in the latest survey data from The Conference Board. Every quarter, The Conference Board releases its Measure of CEO Confidence in collaboration wth The Business Council. Over 130 CEOs participated in the Q2 survey between May 5 and May 19, and the results are concerning. A reading below 50 indicates a negative outlook. The confidence index fell by 26 points to 34, the lowest level recorded since Q4 2022. 'All components of the Measure weakened into pessimism territory,' said Conference Board's Senior Economist of Global Indicators Stephanie Guichard.'Expectations for the future also plummeted, with more than half of CEOs now expecting conditions to worsen over the next six months, both for the economy overall and in their own industries.' The overwhelming majority of CEOs (83%) said they expect a recession in the next 12 to 18 months, nearly matching the rate reached in late 2022 and early 2023. While tariffs and trade issues were near the top of the list of concerns, geopolitical concerns were the number one concern. Geopolitical instability surpassed cybersecurity, 'which dominated CEOs' concerns over the past two years,' but dropped to fourth this year. However, the forecast from the top 1% isn't all doom and gloom. Most CEOs anticipate no change in the size of their workforce over the next 12 months. So while they expect hiring to be stagnant, they aren't anticipating any layoffs. The share of CEOs expecting to expand their workforce fell slightly to 28% from 32% in Q1. The share of CEOs planning to reduce their workforce rose 1% to 28%. 'Still, consistent with more pessimism about the outlook in their own industries, the share of CEOs expecting to revise down investment plans doubled in Q2 to 26%, while the share expecting to upgrade investment plans dropped 14 ppts to 19%,' said Business Council Vice Chairman Roger W. Ferguson. Part of the reason employers are confident in the labor market is that they currently aren't having trouble finding qualified candidates. Since there's less competition, the share of CEOs planning to raise wages by 3% or more over the next year dropped to 5% from 71% in Q1. While the future is murky for many CEOs, the present is almost equally disorienting. The percentage of CEOs who say that economic conditions are worse now than they were six months ago jumped 11% to 82% in Q2. Only 2% of respondents felt economic conditions were better. This change in sentiment is also reflected in the 69% of CEOs who said conditions in their own industries were worse than six months ago, a dramatic increase from 22% in Q1. Only 7% said conditions improved in their industries, and there was also a significant drop from 37% in tariffs, here's why CEOs worry about a looming recession first appeared on TheStreet on May 31, 2025 This story was originally reported by TheStreet on May 31, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Drugs, marital advice and that black eye: key takeaways from Trump's Oval Office send-off for Elon Musk
Drugs, marital advice and that black eye: key takeaways from Trump's Oval Office send-off for Elon Musk

The Guardian

time2 days ago

  • Business
  • The Guardian

Drugs, marital advice and that black eye: key takeaways from Trump's Oval Office send-off for Elon Musk

Donald Trump hosted an Oval Office press conference with Elon Musk on Friday to mark the end of the tech billionaire's tenure as a special government employee overseeing the so-called 'department of government efficiency', or Doge. Musk's departure comes after weeks of increasing pressure over his time leading Doge, in which he slashed thousands of jobs, resources and public spending. Here are the key takeaways from the event: Musk 'is really not leaving' and many of his Doge team will stay on in the administration, Trump told reporters on what was meant to be Musk's official last day as a 'special government employee'. 'Elon is really not leaving,' Trump said. 'He's going to be back and forth. I think I have a feeling it's his baby, and I think he's going to be doing a lot of things.' Musk later declared 'this is not the end of Doge but really the beginning', adding he will continue to visit the White House as a 'friend and adviser' to the president. 'I hope to continue to provide advice whenever the president would like,' Musk said. 'I hope so,' Trump replied. Trump praised Musk as 'one of the greatest business leaders and innovators the world has ever produced' and paid glowing tribute to the tech billionaire's 'sweeping and consequential' efforts to slash the federal workforce and reduce the size of government. The lavish praise came just days after Musk publicly criticised Trump's tax spending bill, saying he was 'disappointed' with it and claiming it 'undermines the work that the Doge team is doing'. Musk's comments appeared to indicate that the honeymoon between the two men was over, but on Friday, there were no signs of friction between the pair. Trump presented Musk with a large golden key emblazoned with the White House insignia, which he said he only gave to 'very special people' as a thank-you from the country. Musk attended the press conference wearing a black Doge cap, a black jacket and a black T-shirt with the words 'The Dogefather' – as well as a visibly bruised right eye. Asked about the bruise, Musk said his five-year-old son, X Æ A-12, had punched him in the face: 'I was just horsing around with X and I said: 'Go ahead, punch me in the face.' And he did.' 'I didn't really feel much at the time,' he added. 'But I guess it bruises up.' Musk quipped that he wasn't 'anywhere near France' at the time, a reference to a viral video appearing to show French president Emmanuel Macron's wife, Brigitte, pushing Macron in the face. Asked about the video of Macron and his wife and whether he had any 'marital advice' for the couple, Trump replied: 'Make sure the door remains closed.' 'He's fine. They're fine,' Trump added. 'They're two really good people I know very well, and I don't know what that was all about, but I know him very well, and they're fine.' Musk brushed off a New York Times report about his alleged drug use while serving as one of Trump's closest advisers. 'Let's move on,' he said when asked about the article, before railing against the paper for their 'lies about the Russiagate hoax'. According to the Times, Musk engaged in extensive drug consumption during his rise to political prominence, regularly consuming ketamine, ecstasy and psychedelic mushrooms. His regular medication box contained pills bearing Adderall markings alongside other substances, the paper said. His use of ketamine was so frequent that he told people it caused bladder problems, the report says. Sources told the paper that he consumed the powerful anaesthetic sometimes daily rather than the 'small amount' taken 'about once every two weeks' he claimed in interviews.

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