Following the passage of the Tax Cuts and Jobs Act (TCJA), the Business Roundtable’s CEO Economic Outlook Survey, which measures CEO confidence in the economy, spiked suddenly to its highest level in the survey’s 15-year history. The survey measures CEO expectations towards sales, employment decisions, and capital investment, and tends to nearly mirror quarterly GDP growth rates. Yet the survey was taken before the announcement of steel and aluminum tariffs, a stark reminder that some of the substantial economic gains the country stands to see from the historic tax cut could be wiped out by taxes on imports.
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