At a meeting with top American business leaders across major industries such as tech, finance, automotive and retail, United States President Donald Trump has walked back a doubling of steel and aluminium tariffs to 50% after Canadian province Ontario agreed to suspend its own 25% levy on electricity exports.
Trump met with the Business Roundtable group in Washington, which has a board that includes Apple CEO Tim Cook, JPMorgan Chase leader Jamie Dimon, GM chief Mary Barra and Walmart boss Doug McMillon, among other top sector leaders that voiced growing concerns over the U.S. administration's fluid tariff trade policies.
He told the room full of business execs that the taxes he has already imposed are having a “tremendously positive impact". This, said as America's financial markets continue one of their longest downward trajectories in months.
Tech stocks led a market rebound until the minutes of the meeting were revealed, reverting back to slightly lower than open by days' end. The Dow Jones ended 1.14% lower, the S&P 500 fell 0.76%, and the Nasdaq Composite eased 0.18% by close of trade on Tuesday (Wednesday AEDT).
“This market is just blatantly sick and tired of the back and forth on trade policy,” B. Riley Wealth Management chief market strategist Art Hogan told CNN.
The planned 25% tariffs on Canadian steel and aluminum were still set to come into effect, a White House spokesman said.
