US President Donald Trump is set to meet top business leaders on Tuesday amid uncertainty over tariffs and a market selloff driven by fears of recession, reported Bloomberg.
The meeting with the Washington-based Business Roundtable will include chief executives from around the country, such as the leaders of Wall Street lending giants.
The top business leaders expected to attend the meeting are Cisco Systems Inc. Chief Executive Officer Chuck Robbins, who will chair the Business Roundtable, JPMorgan Chase & Co. CEO Jamie Dimon, and Citigroup Inc. CEO Jane Fraser, among others.
However, there is no official statement from the Business Roundtable and the White House yet.
Donald Trump’s victory in the US Presidential Elections made banking leaders optimistic; however, the markets are less certain due to his approach to tariffs and rising concerns of an economic slowdown. Last week, Trump mentioned that there may be an “adjustment period” as tariffs take effect.
US markets on Monday
On Monday, the US markets reported a huge selloff, with tech stocks tumbling the most since 2022, dipping the Nasdaq 100 Index by nearly 4%. Crypto prices dropped, and corporate bond sales were scrapped due to concerns over tariff hikes, spending cuts and geopolitical decisions.
“There’s going to be a period where I think it’s going to be panic at the disco,” Amy Wu Silverman, RBC Capital Markets equity derivatives strategist told Bloomberg. “We haven’t gotten there yet. But as these levels climb there will be unwinds and more uncertainty that triggers even more,” he added.
Investors have become cautious over Trump’s uncertain moves.
“It took a few weeks for Trump to break the international economic regime, presumably with a plan to fix and replace it with something ‘better,’” Michael Rosen, chief investment officer of Angeles Investment Advisors told Bloomberg. “Absent a clear idea of what ‘better’ is, investors are just left with the detritus of the broken global economic framework. Unless and until we see what replaces it, investors will be cautious, at best,” he added.
