U.S. President Donald Trump is set to meet with the CEOs of America’s largest corporations on Tuesday, amid growing economic concerns and a recent slump in stock values.
What Happened: Trump’s meeting with around 100 CEOs is part of a regular gathering of the Business Roundtable in Washington. This influential group includes leaders from major U.S. companies such as Apple Inc. AAPL, JPMorgan Chase & Co. JPM, and Walmart Inc. WMT. BlackRock, Inc. BLK CEO Larry Fink and Goldman Sachs Group Inc. GS CEO David Solomon are also likely to be part of the Business Roundtable as per Reuters.
Chuck Robbins, the CEO of Cisco CSCO, is the Chair of the Business Roundtable.
Despite prevailing market concerns over Trump’s policies, the White House remains optimistic. White House spokesman Kush Desai told Reuters, “Industry leaders have responded to President Trump’s America First economic agenda of tariffs, deregulation, and the unleashing of American energy with trillions in investment commitments that will create thousands of new jobs.”
Earlier in March, Business Roundtable CEO Joshua Bolten extended support to Trump’s agenda, like creating more American jobs or increasing investment in domestic businesses and manufacturing. However, Bolten urged Congress to find a common ground for agreement on tax reforms, significant regulatory reforms, and the removal of the recent tariffs. “These tariffs, especially if they are long-lasting, run the risk of creating serious economic impact,” stated Bolten.
Why It Matters: The meeting comes at a time when the market is experiencing turbulence, largely due to fears of inflation and economic downturn. U.S. stocks experienced a significant drop on Monday, with the S&P 500 down nearly 3% since Trump’s election and 4.5% down for the year.
Tom Lee, the research head of Fundstrat Global Advisors, has labeled the recent stock-market plunge as an overreaction, predicting market stabilization and a potential rate cut in May. Lee highlighted Tuesday’s Business Roundtable as one of the events that could lead to market stabilization and allay investor concerns.
However, the overall sentiment remains cautious, with investors closely watching the outcome of the meeting and the future direction of Trump’s economic policies.
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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