As President Donald Trump escalates his tariff war with China and other countries , top executives are issuing stark warnings about the broader economic fallout — and the potential for a disastrous holiday season.
In a recent Roundtable discussion hosted by CEO James Heckman, several industry leaders expressed frustration over the unpredictable and rapidly shifting tariff environment. From delayed shipments to frozen supply chains, they say the current situation is paralyzing industries that rely heavily on global manufacturing and logistics.
Watch the Full Roundtable Discussion
W. Graeme Roustan, former Chairman of companies listed on both the Toronto and New York Stock Exchanges and current owner of multiple , described the uncertainty as unprecedented.
“There’s a lot of commiserating going on. I get calls from CEOs in the states asking, ‘Is the 25% duty going to be added to the shipment?’ And I have to say, ‘Absolutely — it’s a tax.’”
Roustan noted the unpredictability of the policy shifts. “It’s on this week, off next week, delayed 30 days, now it’s 90 days. It’s just very disruptive. People are holding their cards close to their chest... waiting for some stability.”
‘Shelves will be empty’
Walton Comer, Co-Founder and CIO of XBTO Global, delivered perhaps the starkest warning of all.
“Retail toys... Christmas is going to be a disaster right now,” Comer said. “People don’t realize how this business cycle works. Orders need to go in now. It takes four months to manufacture and ship toys. If those orders don’t happen soon, shelves will be empty.”
He explained that the toy industry operates on a fixed calendar. Toy fairs are held early in the year, and retailers must finalize orders shortly afterward to ensure products are available for the holiday season. Tariff uncertainty has frozen decision-making and halted supply chain momentum.
“This has to be reversed immediately,” Comer warned. “Or there won’t be a Christmas.”
XBTO Global is a digital asset investment and infrastructure firm specializing in crypto trading, asset management, and liquidity solutions. Founded in 2015, it operates globally with a focus on institutional-grade crypto strategies. The firm also invests in blockchain innovation and supports decentralized finance (DeFi) initiatives.
Schiff: Wall Street still doesn’t get gold
Peter Schiff, Chief Market Strategist at Euro Pacific Asset Management, argued that gold is the most overlooked hedge in today’s volatile climate.
“I think this year gold’s going to $3,500 to $4,000,” Schiff said in a Roundtable discussion. “And if I’m wrong, it’s because it goes higher.”
Watch the Full Roundtable Discussion
He criticized Wall Street for missing the opportunity: “Gold mining stocks are not even priced for $2,000 gold — let alone $3,200. Every day last year, except one, there were net outflows from GDX [the gold miners ETF], even as prices rose.”
Schiff blamed the obsession with tech and crypto stocks for distracting investors from what he sees as the real safe haven.
“When the public and Wall Street realize how wrong they got gold, there’s going to be a big shift.”
