The White House has promoted the use of tariffs as a measure to address trade imbalances and increase influence in international negotiations. Amid this strategy, business activity in the United States began to expand at a slower pace, primarily due to the services sector, which has historically been a key driver of the country's economy. Steve Cohen, founder of Point72 Asset Management, expressed his concerns during the Future Investment Initiative Institute summit in Miami Beach.
Cohen was pessimistic about the economic future of the United States, warning that the country could face a slowdown in its growth around 1.5% in the second half of the year, compared to the previous 2.5%. This scenario would be affected by the imposed tariffs, as well as the austerity measures proposed by the Government Efficiency Department led by Elon Musk.
The billionaire businessman highlighted that persistent inflation, weakening growth, and the threat of reciprocal tariffs represent significant challenges for the U.S. economy. In his words, "Tariffs cannot be positive." Cohen expressed his doubts about the effectiveness of tariffs as an economic tool and suggested that they could contribute to an economic slowdown in the country.
In an unusually pessimistic tone, Cohen admitted to feeling concerned about the future of the United States under the impact of these measures. "In fact, I am quite pessimistic for the first time in a long time," he stated. He asserted that tariffs equate to additional taxes that could negatively affect economic growth and create uncertainty in the international financial landscape.