When it comes to Donald Trump’s plans for trade tariffs, it’s been quite a five-week run. In early February, the president announced a new round of tariffs; then he reversed course; then he reversed course again; and then he reversed course again.
This week, the Republican announced plans to double the tariffs imposed on steel and aluminum imported from Canada, which was followed by him saying he’d “probably“ step back, which was followed by the White House announcing that the presidential announcement was no longer operative. That said, while the plan to double the tariffs was abandoned, the administration nevertheless raised tariffs on global steel and aluminum imports to 25%.
For many private-sector leaders — who are responsible for making decisions about product purchases, shipping, staffing and investments about their business’ short-term and long-term future — it’s all a bit much.
The Washington Post reported that corporate executives are pleading with the administration for “market stability.” The Wall Street Journal reported that White House officials are receiving “panicked calls from chief executives” who are rejecting Trump’s “stop-and-start trade policy and uneven economic messaging.”
By all appearances, the president has heard the pleas, but he doesn’t much care. CNBC reported earlier this week:
President Donald Trump has dismissed the growing chorus of CEOs, investors and policymakers who are pleading with the White House for greater clarity about his sweeping tariff agenda. “They always say that. ‘We want clarity,’” Trump said in a Fox News interview that aired Sunday.
But private-sector leaders “always say” they “want clarity” because — and this is the important part — they really do always want clarity.
The president apparently doesn’t want to give them any. Indeed, Trump tried to defend his tariffs at an event at the Business Roundtable, a powerful business lobbying group in Washington, D.C., telling executives that his agenda is “having a tremendously positive impact,” all evidence to the contrary notwithstanding.
Hours later, he made related comments to reporters, saying, “Markets are going to go up and they’re going to go down but, you know what? We have to rebuild our country.” Referring to himself in third person, Trump added, “Remember, Trump is always right.”
Putting aside the fact that tariffs will not “rebuild” the United States, and Trump has most definitely not “always” been right, the message to the private sector couldn’t be much clearer: They’re urging the White House to pursue a clear and consistent agenda that businesses can plan around, and the president appears inclined to ignore them with ongoing erraticism and unpredictability for the foreseeable future.
