North American Free Trade Agreement (NAFTA)

Top CEOs dig in for prolonged trade friction

A businessman digging a trench in the shape of a dollar sign
Illustration: Lazaro Gamio/Axios

The CEOs of IBM, JPMorgan and Cummins, the major engine manufacturer, have a gloomy outlook on what’s ahead for U.S. business if President Trump doesn’t back down on tariffs.

Why it matters: The executives said at a Business Roundtable event Wednesday that conflict with China is prompting decisions with long-term consequences — like how to shift supply chains — and the effects may show up in the economy, as companies rein in plans for spending and hiring.

Scoop: Trump to hit Biden as globalist on trade issues

Joe Biden in New Hampshire
Joe Biden in New Hampshire on Tuesday. Photo: Scott Eisen/Getty Images

Watch for Trump allies to begin framing Joe Biden as a free-trading globalist who would undo the president's trade agenda.

Why it matters: Trump will try to direct the conversation with his megaphone, and invite attacks on Biden from the left.