The world's biggest business leaders talk 'tariff man' Trump

Yahoo Finance11-24 21:30

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We have entered phase two of the Trump tariff concerns among the upper echelon of power brokers at the world's biggest companies.I would loosely characterize phase one as a shell-shocked, bantering state that emerged in the seven days after this month's election.Leaders I talked to in the election's aftermath were still trying to process the outcome and what it meant in the near term to their workers and businesses. Not many were sure if Trump would make good on his litany of head-scratching promises — and if they did have a view, they had no intention of sharing it on the record with yours truly.\"Look, if [tariffs do] happen, it would create macroeconomic implications, and it would likely be in the form of additional inflationary pressures on consumers. But it's also important to note we have increased flexibility to continue to evolve our supply chain, and we'll ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"WMT":"沃尔玛","LU0985481810.HKD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" (HKD) INC M","BK4597":"股息贵族","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","BK4566":"资本集团","BK4161":"工业机械","LU0225771236.USD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" (USD) INC MF","LU0306806265.USD":"SCHRODER ISF GLOBAL DIVIDEND MAXIMISER \"A\" ACC","LU0225284248.USD":"SCHRODER ISF GLOBAL EQUITY YIELD \"A\" ACC","LU0306807586.USD":"SCHRODER ISF GLOBAL DIVIDEND MAXIMISER \"A\" (USD) INC QF","GAP":"Gap, Inc","BK4094":"服装零售","BK4585":"ETF&股票定投概念","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","SWK":"美国史丹利公司","BK4588":"碎股"},"translate_title":"全球最大的商界领袖谈论“关税人”特朗普","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SWK":1,"GAP":0.9,"WMT":0.9},"content_text":"This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with:\n\nThe chart of the day\nWhat we're watching\nWhat we're reading\nEconomic data releases and earnings\n\nWe have entered phase two of the Trump tariff concerns among the upper echelon of power brokers at the world's biggest companies. \nI would loosely characterize phase one as a shell-shocked, bantering state that emerged in the seven days after this month's election. \nLeaders I talked to in the election's aftermath were still trying to process the outcome and what it meant in the near term to their workers and businesses. Not many were sure if Trump would make good on his litany of head-scratching promises — and if they did have a view, they had no intention of sharing it on the record with yours truly.\nAs a reminder, Trump has floated 60% or higher tariffs on China and up to 20% on most goods out of other countries. \nNow, welcome to phase two, where leaders are beginning to speak publicly on the issue and work connections behind the scenes in an attempt to change the president-elect's mind on tariffs. \n\"I've also spent time with our team talking about, OK, when something is announced, we want to be doing pricing actions with our customers of some magnitude. And so we've actually started to have some of those conversations with our channel customers in the last week or two,\" Stanley Black & Decker (SWK) CEO Don Allan told me this week on Yahoo Finance (video above).\n\"We won't do anything until we see something that says, here's what the new world of tariffs is going to be.\"\n\n\n\n  President-elect Donald Trump walks after watching SpaceX's mega rocket Starship lift off for a test flight from Starbase in Boca Chica, Texas, Tuesday, Nov. 19, 2024. (Brandon Bell/Pool via AP)\n \n\n  ASSOCIATED PRESS\n \n\nAllan said he's been spending time with politicians and people close to the incoming Trump administration to help them understand the detrimental impact of potential tariffs.  \nExplained Allan, \"When I look at our industry, if I took our Chinese operation that we have today that makes power tools and brought it over in the US, the cost to make that product would be about 60% to 70% higher. So it's substantial, which the consumer will not pay for. And so if we're going to reduce our China exposure, which we are, we'll be looking at other Southeast Asian countries like Vietnam or maybe Mexico, where we certainly have a significant operation already.\"\nAllan's worries about tariffs are being echoed elsewhere.\n\"Look, if [tariffs do] happen, it would create macroeconomic implications, and it would likely be in the form of additional inflationary pressures on consumers. But it's also important to note we have increased flexibility to continue to evolve our supply chain, and we'll ensure we're in the strongest possible position as trends unfold,\" Gap (GAP) CEO Richard Dickson told me on the phone after another quarterly earnings beat.\nFellow apparel CEO Dan Sheridan of Brooks Running told me on the Opening Bid podcast that tariffs would send sneaker prices much higher. \"An additional 20-25 [percent tariff] ... it's huge. The conversation is massive,\" he said. \"To absorb that as a business begins to take investment out of R&D ... We have to pass those on to the consumer and you can't pass a 25% lift in cost completely.\"\nSpeaking of macroeconomic implications, Goldman Sachs' chief Jan Hatzius sought to bring a dose of blunt reality to investors on the topic this week. \n\"Moving toward a broader trade war would reinforce US dollar upside but put pressure on global equities. Unusually high US equity valuations not only dampen long-term expected returns but also amplify the potential reaction to any economic weakness,\" Hatzius said in a new research note. \nHatzius said tariffs could ultimately tighten financial conditions in the near term and weigh on US economic growth. \n\"We want lower prices for our customers and members. We advocate for them ... for lower prices and value. And so we will do everything that we can to not raise prices. But right now, this is speculation. We don't know what categories of items could — or even what countries — tariffs could apply to. We are familiar with this. And if we look back historically when tariffs were enacted seven years ago, it did result in higher prices for customers,\" Walmart CFO John David Rainey said on Yahoo Finance's Morning Brief.\nThe bottom line is that Corporate America is beginning to speak out against the self-imposed Tariff Man. Whether they can do it to his face if need be, who knows. \nBut leaders have a point on tariffs, and their point may be proven out in the form of much higher prices for consumers and lower stock prices to boot.\nBrian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.\nClick here for the latest stock market news and in-depth analysis, including events that move stocks\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485679622"}