US Business Put Spending Plans on Ice With Tariffs, Tax-Cut Wait

President Donald Trump’s November election win drove a surge in business optimism and expectations for capital spending. Four months later, executives have shifted to wait-and-see mode.

Uncertainty around how and when Congress will enact tax legislation, on top of Trump’s ever-changing tariff announcements, is dragging down expectations for investment, surveys from across the country show. Many firms are putting their investment plans, a key driver of economic growth, on hold. That’s one reason why economists are dialing back growth forecasts for this year.

Austin Ramirez, chief executive officer of Wisconsin-based Husco International — a maker of hydraulic ...