Treasury Secretary Scott Bessent is urging major CEOs to stop focusing on tariffs and other short-term uncertainties, promising that the administration will provide clearer guidance within the next 90 days on trade policy, taxes, and deregulation. His message comes as top business leaders voice growing concern about a possible economic slowdown: JPMorgan’s Jamie Dimon has warned of a potential downturn, and Goldman Sachs’ David Solomon has flagged higher recession risks. Even investors such as Stanley Druckenmiller have criticized tariff levels above 10%.
The effects of trade policy and slowing consumer spending are already showing up in company results. Consumer-facing businesses have reported weaker demand—Constellation Brands, for example, noted softer restaurant spending and a pullback in consumer purchases that weighed on beer sales. These trends have heightened sensitivity among corporate executives to any added costs or uncertainty from tariffs and trade restrictions.
Bessent has downplayed the concerns raised on Wall Street, stressing that the administration’s priorities are aimed at supporting Main Street—households and small businesses—rather than reacting to market disquiet. He reassured business leaders that the administration is actively working on a coordinated approach to trade, fiscal policy, and regulatory reform and that more definitive policy direction will be available within three months.
At the same time, the administration has taken a mixed approach to tariffs. Reciprocal tariff measures have been put on hold for 90 days for most trading partners, a move intended to buy time for negotiations and reduce immediate disruption. China remains an exception, facing significantly higher tariffs. Policymakers and business leaders continue to watch how these decisions affect supply chains, pricing, and consumer demand across industries.
Companies that depend on consumer spending are particularly vulnerable to a combination of softer demand and higher input costs. Reduced restaurant traffic and lower retail spending can quickly translate into weaker revenue for food, beverage, and consumer goods makers. At the same time, tariffs can raise production costs or force companies to rethink sourcing and logistics, which may slow investment or prompt price adjustments that further depress demand.
Business leaders have called for clarity and predictability so they can plan capital expenditures, hiring, and pricing strategies. Clear guidance on trade rules, tax policy, and regulatory relief would help firms make longer-term decisions with less risk of sudden cost shocks. For policymakers, balancing the goals of protecting domestic industries while keeping consumer prices and supply chains stable remains a central challenge.
With a 90-day timeline for clearer policy signals, companies and investors will be watching for concrete steps on tariff adjustments, tax changes, and deregulatory measures. The coming weeks are likely to be critical as businesses assess whether expected policy shifts will be sufficient to support consumer demand and encourage investment, or whether heightened recession concerns will persist.