4 months ago
24
Top executives at well-known US firms are signalling the impact President Trump’s tariffs are having on their companies and the wider economy.
Technology giant Intel, footwear maker Skechers and consumer goods firm Procter & Gamble, have either cut their profit forecasts or withdrawn them, citing economic uncertainty.
President Trump has been trying to rebalance relations with key trading partners by using steep tariffs to bring them to the negotiating table.
No new trade agreements between the US and other countries have yet been announced, but there have been signs of progress in talks with South Korea.
Intel’s chief financial officer, David Zinsner, during a call with investors, said the very fluid trade policies in the US and beyond, as well as regulatory risks, have increased the chance of an economic slowdown with the probability of a recession growing.
The California-based firm announced gloomy profit and revenue forecasts, and Zinsner says the company will see costs increase.
Intel’s shares dropped by more than 5 percent in extended trading after those remarks.
English (US) ·