A survey by Chief Executive, an industry group, indicates that a growing majority of America's top executives anticipate a recession in the U.S. within the next six months. Of the more than 300 CEOs polled in April, 62% expect an economic downturn, a rise from the 48% who held this view in March. This sentiment is driven by heightened economic uncertainty, particularly due to President Donald Trump's fluctuating tariff policies, which have increased volatility in financial markets and caused consumer panic. The survey also reveals that around three-fourths of the CEOs believe tariffs will negatively impact their businesses in 2025, with about two-thirds opposing Trump's proposed tariffs, many of which are currently on pause. The ongoing trade war is seen as a significant factor that could slow commercial real estate activity, as companies delay or halt leasing deals due to economic uncertainty. An index tracking CEOs' views on current business conditions dropped by 9% in April, reaching its lowest level since the early months of the 2020 pandemic. Looking ahead, more than four out of five CEOs anticipate rising costs this year, with half expecting double-digit increases in expenses. Only 37% of CEOs believe their companies' profits will increase, a sharp decline from the 76% who were optimistic in January. Despite the gloomy outlook, there are some positive notes. Over half of the surveyed CEOs expect business conditions to improve over the next year, an increase from the previous month. Additionally, some relief may come from Trump's recent announcement that smartphones and PCs will be temporarily exempt from tariffs. Notable comments include JPMorgan Chase CEO Jamie Dimon's expectation of falling earnings estimates for S&P 500 firms due to tariff uncertainty, and BlackRock CEO Larry Fink's warning that the U.S. economy might already be in a recession.