The average forecast for GDP growth this year is just 2.3 percent because of the trade battle and slowing global growth, the March survey found.
U.S. economic growth is likely to slow sharply this year and next, according to respondents to the CNBC Fed Survey for March, and weaker global growth and tariffs are seen as the major culprits.
"If Trump wants to be a two-term president, he needs to make a China trade deal and start lowering tariffs across the board," said Hank Smith, co-chief investment officer of Haverford Trust."This will cause business confidence to rise and capital spending to increase, stimulating the economy." "Ultimately … we feel a trade deal can be accomplished that neither party will love nor hate," said Richard D. Steinberg, chief investment officer of Steinberg Global Asset Management.
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