Trump Trade War Spreads More Gloom Across Businesses

Businesses across multiple industries are increasing prices, cutting financial guidance and warning of growing uncertainty as US President Donald Trumps trade war pushes up costs, up-ends supply chains and stirs concerns about the global economy.

Comments on Thursday from the worlds biggest packaged food companies underscored worries among business executives and investors that Trumps tariffs and his attacks on Federal Reserve Chair Jerome Powell will hurt confidence on Main Street.

Some political decisions, economic decisions taken have rather undermined already soft consumer confidence, Nestle CEO Laurent Freixe told reporters in an earnings call.

Dove soap maker Unilever, which was also reporting earnings, described declining consumer sentiment in its North American markets.

Stocks drifted on Thursday and a rebound in the dollar fizzled out as investors tried to pick through the Trump administrations fast-changing announcements on tariffs and the leadership of the Fed, the US central bank.