US, UK Business Confidence Plunges on Tariffs, Taxes

Business confidence has plunged in both the UK and US, with surveys indicating multi-year lows due to rising tax burdens and escalating trade tariffs. In the US, CEO sentiment is at its lowest point since the start of the Covid-19 pandemic, with majorities disapproving of President Trump's tariff policies and expecting a recession or slowdown within six months. The UK’s Institute of Chartered Accountants in England and Wales (ICAEW) reports the lowest business confidence since late 2022, with 56% of firms citing higher taxes after recent government hikes. Both US and British companies are reducing recruitment and cutting back on training budgets in response to these pressures. Sector-specific surveys show project delays and rising costs on both sides of the Atlantic due to tariffs. Economists warn these combined challenges could reduce global trade volumes to pandemic-era levels and potentially trigger a recession.