The Word Executives Are Using to Describe Trump’s Tariff Policy

President Trump has said that tariffs will bring a flood of revenue for the United States. But corporate executives are having trouble navigating the volume of tariff pronouncements and the president’s on-again, off-again approach to trade policy.

Many are turning to the same metaphor: The situation, they say, is “fluid.”

“The tariffs are very fluid right now,” Ron Vachris, chief executive of the retail giant Costco, recently told analysts on an earnings call. “It’s hard to really give any predictions on what we can do, but we are prepared.”

Others feel the same way about the ebb and flow of tariffs:

• “It’s very fluid right now. It’s almost every day new scenarios coming out, new numbers being calculated.” — Markus Kamieth, chief executive of BASF

• “Though the environment ahead remains fluid, we will be focused on offsetting any additional tariffs.” — Karen Parkhill, chief financial officer of HP

It is often said that uncertainty is bad for business, muddling hiring and investment plans. The unpredictability of Mr. Trump’s trade policy has played a role in tumbling stock markets and falling measures of consumer and business confidence. Targeted tariffs by other countries in response to Mr. Trump’s moves further cloud the economic outlook, making it trickier for corporate executives, Federal Reserve policymakers and others to react.

“Until we know what’s actually going to go into effect, it will be very difficult for our customers to decide what to do,” Scott Herren, chief financial officer of Cisco Systems, said on a call with investors, after describing the tariff situation — like so many others — as “very fluid.”

Executives are generally eager to talk about liquidity, but not this kind.