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CEOs are less optimistic about the economy in the near term.

According to the Business Roundtable’s third quarter CEO economic outlook index, companies’ plans for capital spending and hiring waned “likely due in part to growing geopolitical uncertainty.”

The surveyed CEOs project 2.3% GDP growth this year, down 0.3% from last quarter’s estimate. The outlook index number also dropped below its historical average.

CEOs are concerned about US trade policy and foreign retaliation, as well as a slowing of the global economy, the Business Roundtable said in a press release.

JPMorgan (JPM) CEO Jamie Dimon said “The US needs strong, sustained long term economic growth in order to remain globally competitive and expand opportunity for more Americans,” according to the Business Roundtable.

Over the past year, more than half of the surveyed company heads also reported trade worries were having a negative impact on sales. One third of CEOs also sad it negatively impacted hiring.