Insights

Global Gateway Advisors compiled a comprehensive resource for executives, communications professionals, policymakers, and researchers on companies’ reactions to proposed and implemented U.S. tariffs.

Industry leaders are increasingly outspoken, shifting between alarm and strategic critique, while some emphasized resilience. Lamborghini, for example, formed a task force led by the CEO, meeting daily to evaluate Trump’s tariffs and plan the company’s response. 

Here is a sample:

Bill Ackman, CEO, Pershing Square Capital Management

Pre-pause: “The president has an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals, and induce trillions of dollars of new investment in our country,”  Ackman said in a post on X. “If, on the other hand, on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.”

Post-pause: “This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal. The benefit of @realDonaldTrump’s approach is that we now understand who are our preferred trading partners, and who the problems are. China has shown themselves to be a bad actor.” 

Larry Fink, CEO, BlackRock

Pre-pause: “Most CEOs I talk to would say we are probably in a recession right now,” Fink told the Economic Club of New York on April 7. “The reality is 62% of Americans now invest in equities – the market impact is impacting Main Street,” he said. The turmoil “is going to freeze more and more consumption, I think we’re going to start seeing that really quickly.”

Greg Ahearn, CEO, The Toy Association 

Pre-pause: “This is untenable for our industry.”

Ken Griffin, CEO, Citadel

Pre-pause: “It isn’t right to tell a middle-class or economically challenged family making $50,000 a year “it’s going to cost you 20%, 30%, 40% more for your groceries, for your toaster, for a new vacuum cleaner, for a new car,” Griffin said. “Even if the dream of jobs coming back to America plays out, that’s a 20-year dream. It’s not 20 weeks. It’s not two years. It’s decades.” “We have led the world for 70 to 80 years,” he said. “I am really afraid of us abdicating our role of leadership for the free world. That’s the path we’re on.”

Jamie Dimon, CEO, JPMorgan Chase

Pre-pause: “The economy is facing considerable turbulence,” Dimon wrote. “We are likely to see inflationary outcomes … Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth. The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse.” 

Stephan Winkelmann, President, Lamborghini 

Pre-pause: “We are working constantly on getting updates of the situation,” Winkelmann said of the company’s new tariff task force. “We have daily meetings, with me personally being involved, and we have people who are constantly analyzing the situation.”

Ryan Cohen, CEO, Gamestop

Pre-pause: “I can’t wait for my $10,000 made in the USA iPhone,” Cohen posted on X.

Sean Connolly, CEO, ConAgra Brands

Pre-pause: “I will look at everything from getting more out of our productivity programs, to [seeing] if there’s an alternative source of supply that is lower cost,” Connolly said. “But we’ll also look at targeted pricing because, at the end of the day, we have to protect our margin structure.” 

David Ricks, CEO, Eli Lilly

Pre-pause:  “I think it’s a pivot in US policy and it feels like it’ll be hard to come back from here,” Ricks said. “We can’t breach those agreements so we have to eat the cost of the tariffs and make trade offs within our own companies. Typically that will be in reduction of staff or research and development (R&D) and I predict R&D will come first. That’s a disappointing outcome.”

Joe Brusuelas, Chief Economist, RSM US

Post-pause: “My sense here is that the [US] economy is still likely to fall into recession, given the level of simultaneous shocks that it’s absorbed,” Brusuelas said. “All this does is postpone temporarily what will likely be a series of punitive import taxes put on US trade allies.”

Diane Swonk, Chief Economist, KPMG US

Post-pause: The effective tariff rate is actually HIGHER with the pause than it was as announced on April 2, due to the tariffs on China,” Swonk wrote. “There will be some diversion through connector countries. However, the effective tariff rate now peaks at 30.5% during the pause. That is worse than our worst case scenarios.”

Spencer Hakimian, Founder, Tolou Capital Management

Post-pause: “Even if you support all of the past week. From the escalation to the walk back, although that’s inherently contradictory to support both,” Hakimian said. “Everyone admits that the rollout & rollback of all of this has been needlessly sloppy and unclear, correct? Or is that also some voodoo 8D chess strategy too?”

Brad Gerstner, CEO, Altimeter Capital

Post-pause: “Remember, it was a week ago that we announced these tariffs…so yes there has been maximum uncertainty, yes he was hearing from a lot of CEOs that this uncertainty was causing demand destruction,” Gerstner said. I’m not saying that all this change happens painlessly. But I’ve talked to five CEOs in the last hour, including some of the largest CEOs in technology and they’ve all told me this was exactly the prescription they needed so that when they get on their quarterly calls now they can actually give guidance as to what the path ahead looks like. What wasn’t working was them not having a flight path, not knowing whether or not we are going to have 50% tariffs, 70% tariffs. But knowing we are going to have 10% tariffs, that we’re going to negotiate down from there with these other countries that now gives a framework against which I think people can operate.”

What’s next: Ready your organization for swift changes in policy. Adaptability is key in this regulatory environment, and stay alert for new potential disruptions in the market.

• Track tariff changes in real time and assess their potential effects on supply chains and operations, preparing contingency plans for key scenarios.
• Analyze trade policy risks and identify resilient areas such as diversified markets and ranking high-risk regions to prioritize tailored responses.
• Diversify suppliers by exploring domestic options and leveraging free trade agreements (FTAs) to reduce import reliance and tariff costs.

Communications: Now is not the time to hunker down. Transparency and consistency with stakeholders is key to mitigating reputational challenges. Experts also suggest that showing regional markets you’re against tariffs might ease the impact.

• “It’s good to go out and talk about the impact that these tariffs will have on your particular business,” said Lauren Tomlinson, principal at Cornerstone Government Affairs. “For example, if you have to raise the cost of your product because it’s more expensive to make, that is something that you should go out and talk about to kind of distance yourself from the tariff policy of the United States at the moment.”
• Consider appointing a trade leader to serve as a spokesperson across business units and regions, offering a clear vision to manage disruptions while understanding local cultures to tailor messaging.
• Equip executives with talking points on tariffs and your organization’s strategic responses. Ensure consistent messaging across all public appearances and communications.
• Host internal town hall meetings to keep employees informed about tariff impacts and company strategies, fostering a sense of unity and resilience.

As headlines continue to impact the market and global trade, contact us to discuss how we can support your communications strategies.