Gross domestic product (GDP)

CEO confidence drops for the 5th straight quarter

JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018
JPMorgan CEO Jamie Dimon speaks at the Business Roundtable CEO Innovation Summit last year. Photo: Jim Watson/AFP via Getty Images

Overall economic confidence of the CEOs of some of the country's top companies has dipped another leg lower, according to the latest survey by the Business Roundtable of 127 chief executives. This barometer of CEO optimism hasn't seen a quarter-over-quarter increase since it hit a record high over a year ago.

Why it matters: The trade group that represents the biggest companies in the U.S. attributed the slump in confidence to "unease about the direction of U.S. trade policy and uncertain prospects for global growth." If the concerns reflected in the survey do result in reined in spending and hiring, it could be bad news for an economy that's already feared to have seen its best days.

Trump proposes the biggest tax hike in 30 years

In this illustration, an eagle holds two dollar signs.
Illustration: Lazaro Gamio/Axios

If Trump's 5% tariff on Mexican goods takes effect later this month, the president's trade policies would constitute a bigger tax hike than Bill Clinton’s in 1993.

By the numbers: Tariffs already in place against Mexico will increase revenues by $69 billion, the Tax Foundation estimates — or about 0.32% of GDP. Add in the threatened 5% tax on Mexican imports, and that rises to about 0.40% of GDP.