By Lucas Manfredi

U.S. CEOs’ confidence in current business conditions have hit their lowest level since the COVID-19 pandemic as President Donald Trump’s tariff policy created new uncertainty for the economy, a new April survey by Chief Executive Group found.

The survey of 329 chief executives and business owners in the U.S., which is based on a 1-10 scale where 1 is poor and 10 is excellent, fell to 4.6 in April from 5 in March, a 28% drop since the start of 2025. Additionally, their 12-month outlook was steady from March at a 5 out of 10 — a 29% year to date drop and the lowest level since November 2012.