Trump's Tariff Threats Alarming U.S. Businesses, Says Ex-Treasury Secretary

Former Treasury Secretary Lawrence Summers has voiced concerns about the impact of President Trump's trade policies on American businesses. Speaking recently, Summers stated that many large U.S. corporations are increasingly alarmed by the President's approach to trade, particularly his frequent threats to impose tariffs on imported goods.

Summers explained that these concerns are not merely isolated incidents but are prevalent among the boards of directors of major companies. Businesses fear that escalating trade tensions and tariffs could disrupt their global supply chains, increase costs for consumers, and ultimately harm their bottom lines. The uncertainty surrounding future trade agreements is also contributing to the anxiety.

CBS News' Robert Costa reports that the business community is closely monitoring the situation and urging the administration to pursue more predictable and stable trade relations. The potential for retaliatory tariffs from other countries is a major worry, as it could lead to a trade war that would negatively impact the global economy.