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Business leaders weigh in on Trump's trade war: 'We've never seen this kind of breadth of tariffs'

• President Donald Trump's latest round of tariffs is a hot topic for corporate executives this week.
• Leaders at companies like Target, Best Buy, Chipotle, and more have shared their thoughts.
• We rounded up their most interesting quotes from earnings calls, investor conferences, and media appearances.

You know something is a hot topic of discussion when a CEO thanks a Wall Street analyst for not  asking about it.

"Thank you for the question that wasn't tariff-related, Anthony," Best Buy CEO Corie Barry said during an earnings call Tuesday, during which she fielded multiple queries on the topic.

Indeed, President Donald Trump's trade war is the new elephant in the room this week as executives field questions on earnings calls, investor conferences, and media appearances.

C-suite execs at companies like Target, Chipotle, and more have shared their thoughts on how the new policies will impact their businesses, their customers, and the US economy.

While their approach and strategies vary, a common theme emerged among some of the business leaders: This is uncharted territory.

"We've not seen this level of tariff before," RBC CEO David McKay said Tuesday at a conference hosted by the bank in New York. "And it's a real departure from what's built, I think, some of the great pillars of success in this country."

Still, he added, "Even with all the tariffs, we're going to have a lot of trade."

And don't be surprised if companies hike prices — fast.

Here's what business leaders are saying.

See more

Target donates $1 million to Trump's inauguration. Leah Millis/REUTERS© Leah Millis/REUTERS

Target made its first-ever donation to a presidential inauguration this year, contributing $1 million to President Donald Trump's 2025 Inaugural Committee on January 10, according to a recent Federal Election Commission filing.

First reported by The Minnesota Star Tribune, the Minneapolis-based retailer is one of the three major retailers that contributed to Trump's 2025 inauguration, alongside Walmart and e-commerce giant Amazon.

Trump's inauguration received donations from the tech sector as well as from retail. Based on FEC filings, the Trump-Vance inaugural committee raised more than $239 million, a figure that more than doubles what Trump received for inauguration in 2016 and far exceeds the $62 million Biden received in 2020.

Aside from oil companies that donated heavily to Trump's inauguration, large Silicon Valley companies like Google, Meta, and Uber also each contributed $1 million, and individual tech CEOs like Apple's Tim Cook and Uber's Dara Khosrowshahi also made personal donations of similar sums. These companies also watched their shares plunge due to Trump's tariff policies.

Target is likely feeling the sting of Trump's trade policies. Roughly half of the retailer's merchandise is imported, according to what Rick Gomez, chief commercial officer of Target, said in the company's fourth quarter earnings of 2024. In March, Target forecast that its full-year comparable sales could come in below estimates, and said that uncertainty around tariffs as well as consumer spending could weigh on first-quarter profits.

Walmart and Target's respective CEOs also met with Trump last week to discuss the impact of tariffs on consumer prices and on retail supply chains that could lead to product shortages.

Supply chain experts have also previously told Business Insider that while companies like Walmart are heavy on groceries that are predominantly domestic, Target is less insulated from tariffs because it relies heavily on merchandise like apparel, housewares, and beauty products, most of which are imported. Meanwhile, food and beverages accounted for less than a quarter of Target's sales in 2024.

Target shares prices were down by around 40% on April 29 compared to the same day a year ago, and down by over 50% since their 2021 peak.

The inauguration donation followed a year of change for Target. In May of last year, Target said only a fraction of stores would carry Pride merchandise  the following month. The decline came after years of prominent Pride displays. The company said in a memo obtained by Business Insider that it would offer a collection online and in certain stores "based on historical sales performance."

The same week Trump was inaugurated, the company said it was rolling back its DEI initiatives, such as its DEI goals, investments in Black-owned businesses, and an end to all external diversity surveys. It joined a list of other companies that did away with their DEI initiatives after Trump ordered the end of DEI programs at federal agencies.

An Atlanta pastor named Jamal Bryant called for a 40-day boycott of Target over its DEI rollback, which drew wide participation.

Target and the White House did not immediately respond to requests for comment.

ones that aren't even inhabited by humans, trillions of dollars

Business Insider

Billionaires turn on Trump after tariffs shake stock market

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