President Trump’s stop-start trade offensive is throwing a wrench in corporate America’s plans, The Wall Street Journal reports.
Chemical company Dow is delaying construction of a new plant. Boston Scientific, the medical device maker, is speeding up efforts to cut discretionary spending including travel.
Railroad operator Norfolk Southern, meanwhile, is more closely scrutinizing consultant fees.
“We will have to pull every lever we have in our arsenal to mitigate the impact of tariffs within our cost structure,” says Andre Schulten, chief financial officer of Procter & Gamble.
While few companies have announced large-scale layoffs, some are making some adjustments. Companies are slowing their hiring and leaving roles unfilled, as well as scrutinizing spending on consultants and contractors.
Many chief executives have outlined their cost-cutting measures on earnings conference calls in recent days.
“Control the controllables and try to help mitigate some of the things we can’t control,” Norfolk Southern CEO Mark George told investors and analysts as he cited plans to wring savings out of fuel and labor costs, among other areas.
