Trump's turnabout, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic.

President Trump paused his plan to increase tariffs on countries around the world, with the exception of China, a dramatic reversal after days of market turmoil that led to a surge of relief on Wall Street.

For weeks, business leaders have avoided voicing concerns about tariffs. Some executives are getting more vocal.