Corporate America is facing mounting challenges due to uncertainty over tariffs and an unpredictable trade war under President Donald Trump's administration. More than 90% of S&P 500 companies that have held first-quarter earnings calls so far have cited tariffs as a concern, a sharp increase from less than 3% in the fourth quarter of 2024. Additionally, the term "recession" was mentioned on 44% of these calls, reflecting growing economic anxiety. Rising tariffs combined with a weakening U.S. dollar are casting a shadow over companies' profit guidance this earnings season, with expectations of further negative impacts in the coming quarters. CEOs have expressed frustration that manufacturing and hiring domestically do not shield their businesses from the adverse effects of the trade policies. The pervasive uncertainty is causing companies to hold back on corporate planning and investment, with some executives warning that the situation is spooking consumers and could hamper economic growth. The ongoing trade disruptions pose a complex challenge for markets, with potential severe consequences as firms navigate this volatile environment.