As Donald Trump’s tariff-driven trade policies make a comeback in political discourse, major U.S. CEOs are breaking their silence—some cautiously, others with clear concern. Earnings season has forced many executives to address the ripple effects of tariffs on inflation, consumer sentiment, and overall business strategy.

Walmart CEO Doug McMillon emphasized adaptability amidst uncertainty, pledging to control prices and manage inventory and expenses despite the unpredictable policy landscape. Similarly, McCormick CEO Brendan Foley noted a clear dip in consumer confidence, attributing it to fears of returning inflation and job insecurity.

Home Depot’s CFO Richard McPhail highlighted tariffs as an added layer of cost that companies and consumers must now mutually navigate. Delta Air Lines CEO Ed Bastian was more blunt, linking trade instability directly to stalled growth in the sector.

Levi Strauss CEO Michelle Gass struck an optimistic tone, relying on brand loyalty and heritage to weather the economic storm. She stressed that consumers tend to lean on trusted brands in turbulent times, positioning Levi’s as a beacon of value and quality.

Meanwhile, some leaders didn’t hold back their frustration. RH CEO Gary Friedman expressed disillusionment, suggesting that the global market is becoming inhospitable under tariff tensions. Life Time Group Holdings CEO Bahram Akradi went further, labeling tariffs a barrier to global trade and criticizing the resulting economic friction.

With uncertainty looming, these CEOs are bracing for impact—strategizing to protect margins, reassure consumers, and adapt to whatever policies may come next.