'Unpredictable Trade Policy Environment' Sinks CEO Sentiment To Pandemic-Era Lows In Business Roundtable Survey

Economic sentiments among some of America’s top corporate leaders have taken a sharp dip during the second quarter, reaching their lowest level since 2020.

What Happened: On Wednesday, the Business Roundtable, a non-profit lobbyist association, released its second quarter of 2025 CEO Economic Outlook Survey, a composite index that tracks the plans and predictions of leading CEOs and their organizations for the next 6 months.

This time around, the reading showed a 15-point decline in sentiments to 69, marking its lowest level since the COVID-19 pandemic in 2020, based on a survey conducted from June 2 to June 13.

The decline places the index well below its historical average of 83, but it is still above the 50-point threshold, a sign that the economy continues to expand despite the uncertainties.

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Subindices for hiring, capital expenditure and sales growth witnessed similar declines, dropping 19, 15, and 11 points, from the prior quarter, respectively.

According to Business Roundtable’s CEO, Joshua Bolten, “Driving this quarter's decline in the Index is broad-based uncertainty, arising substantially from an unpredictable trade policy environment.”

He also said that “extending and enhancing tax reform is critical, but it is not sufficient,” since the country’s businesses need the administration to pursue and close trade deals, which can help provide much-needed certainty for investment decisions.

Why It Matters: A recent CFO survey, taken a couple of months ago by Duke University and the Federal Reserve Banks of Richmond and Atlanta, indicated similar trends, with most CFOs expressing concerns regarding President Donald Trump’s tariffs and duties.

The Employee Confidence Index, a survey conducted by Glassdoor in March, plunged to 44.4%, its lowest level since the study first began in 2016, with employees becoming more concerned regarding inflation and recessions than they were a couple of months ago.

According to the survey, public sector employees were the least confident about the future, with a score of just 38.1%, due to the changes brought about by the Elon Musk-led Department of Governmental Efficiency.

Photo Courtesy: Peshkova on Shutterstock.com

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