By Daily Mail (U.S.) | Created at 2025-03-24 12:49:58 | Updated at 2025-03-26 09:51:11
1 day ago
Top bosses at America's biggest companies have one word on their lips: uncertainty.
That word dominated earnings calls this season, with leaders from over 60 S&P 500 companies mentioning 'policy uncertainty' at least 117 times in discussions with investors.
For the economy — and consumers' wallets — that's not a good sign.
CEOs from GM, Delta Airlines, Hilton Hotels, Kohl’s, and even Walmart all voiced concerns about how shifting political policies are clouding their business outlook.
Much of this uncertainty stems from former President Trump’s tariff policies.
His administration has twice said it will impose 25 percent import taxes on goods from Mexico and Canada — and twice has delayed them.
The back-and-forth leaves companies unsure of how much they'll pay for their own products, impacting prices on store shelves, consumer spending, and business investment in the US.
'This is causing a huge amount of uncertainty for business,' Neil Saunders, the managing director of retail at GlobalData, told DailyMail.com.
Dozens of executives, including Mary Barra at GM, talked about policy uncertainty during their recent earnings calls
'It is very difficult for [companies] to plan against this kind of background noise, which is why executives are flagging the uncertainty on their earnings calls.'
And it's not just the tariffs.
The Trump administration's wide-ranging shifts — from regulatory rollbacks to immigration crackdowns to mass government layoffs — have created a level of instability that feels so unprecedented, even consumers are pulling back.
'The changes are unnerving consumers and making them unsure about the future,' Saunders added.
'This impacts their willingness to spend.'
Businesses have been forecasting some hurt for customers.
Walmart said it expects sales growth to slow down to 3 percent in 2025 after hitting 9 percent in a banner 2025 sales year.
Best Buy and Target's CEOs both said they would have to raise prices on common goods to keep up with tariffs.
White House policies might have an impact on the amount consumers are willing to spend, experts told DailyMail.com
Shoppers may also run into smaller stocks on store shelves
Jamie Dimon, the CEO of JPMorgan Chase, and Larry Fink, the leader at Blackrock, both said they think Trump's policies are slowing the economy down right now.
Billionaire Warren Buffett has taken his investments out of markets, a move that onlookers believe could be a sign of his nervousness around the economy.
Even Trump himself refused to rule out a recession.
Executives frequently use similar phrases when speaking out about overall economic issues.
Business leaders frequently used the phrase 'resilient customers' when discussing inflation after price spikes in 2022.
