America’s chief financial officers are not expressing a rosy outlook for 2020, according to Deloitte's quarterly survey of nearly 150 executives at top North American companies.

Instead, Axios reported, the CFOs anticipate an economic downturn this year.

Uncertainties stemming from President Donald Trump’s trade war began to undercut optimism in the business sector last year, and Deloitte’s survey appears to show that “skittishness continues to curb companies' hiring and spending plans this year, which could further hurt economic growth.”

A full 97 percent of CFOs said they believe either a slowdown or recession has already begun or will get started by the end of the year, Axios reported. By comparison, 88 percent said the same thing about 2020 in the first quarter of last year, the publication noted.

The CFOs offered "trade wars" and "uncertainty" as their top two concerns.

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