The Blubber

Wall Street Reacts to Trump's Tariff Turmoil as CEOs Walk Diplomatic Tightrope

Wall Street is in turmoil as panic-selling sweeps the market in response to President Trump’s erratic new tariffs. Reports indicate that business executives are making frantic calls to the White House, and on Tuesday, the nation’s top CEOs packed into a closed-door meeting with Trump—a record-setting turnout.

Yet, in public, corporate America’s leadership remains calm and composed.

"The business community understands what the president is trying to do with tariffs," Goldman Sachs CEO David Solomon told Fox Business Network on Wednesday.

Solomon acknowledged that companies always prefer lower tariffs but was careful to praise Trump for his engagement with the business community—a contrast, he noted, to the previous Biden administration.

Markets in Chaos as Trump Doubles Down on Tariffs

Solomon’s remarks came a day after Trump met with the Business Roundtable, an influential CEO group, following two days of sharp stock market losses. The market has shed $4 trillion in value—a selloff largely triggered by Trump’s rapid-fire tariff announcements, abrupt reversals, and dismissal of economic concerns.

When asked about a potential recession, Trump brushed off concerns, triggering even more volatility.

"There is a period of transition, because what we're doing is very big. We're bringing wealth back to America," Trump told Fox News in an interview aired Sunday.

By mid-week, a handful of the most powerful CEOs cautiously voiced concerns—though in measured terms.

• "Uncertainty is not a good thing," JPMorgan Chase CEO Jamie Dimon said Wednesday at a Semafor conference.
• Larry Fink, head of BlackRock, warned CNN that "the economy is weakening as we speak."
• However, Fink softened his remarks, adding that the Trump administration’s policies could be “very productive for the United States” in the long run.

White House Defends Economic Strategy

A White House spokesperson on Thursday reiterated Trump’s economic success, responding to concerns over market instability.

"President Trump delivered historic job, wage, and investment growth in his first term, and is set to do so again in his second term," White House spokesperson Kush Desai told NPR via email.

Corporate America's Delicate Balancing Act

Despite market volatility and looming trade battles, corporate America remains cautious in its criticism of Trump’s economic policies. The reason? Many business leaders still support his broader economic agenda, including lower corporate taxes and reduced regulations.

For now, CEOs are engaging in a delicate diplomatic dance—acknowledging the challenges of tariff uncertainty while ensuring they remain on Trump’s good side.