America's CEOs and billionaires climbed on the Trump bandwagon during the 2024 presidential campaign. A month after the inauguration, some of them are looking to climb off.
"CEO optimism is fading" as trade restrictions and mass government layoffs threaten the economy, said Semafor. The stock market has dropped since President Donald Trump took office, while both consumer confidence and consumer spending dropped in January.
Trump's on-again-off-again tariff threats have made it impossible for business leaders to make plans. "You can't move a factory overnight," said ON Semiconductor CEO Hassane El-Khoury. That's why American business leaders are "turning on Trump — fast," said Semafor. What did the commentators say? There's a "pretty clear sentiment in America's corporate world these days: anxiety," said Emily Stewart at Business Insider. Trump's reputation as a "loose cannon" makes the business world "challenging to navigate."
Businesses are "benefiting from plenty of Trump's actions" — the president halted enforcement of the Foreign Corrupt Practices Act, which bars U.S. companies from bribing foreign officials. But overall, corporate leaders are finding the new administration a "chaotic time," said Nick Nigro, of Atlas Public Policy, to Insider. There are "so many surprises that are happening on a weekly basis."
"Don't expect corporations to save us from Trump," said Robert Kuttner at The American Prospect. It has only been a few weeks since Amazon, Google, Meta, Microsoft, Toyota, Uber, Toyota, Apple's Tim Cook and OpenAI chief Sam Altman all "donated $1 million to the Trump inauguration." Rebuilding democracy will require the efforts of regular people, not corporations, and the effort "requires containing both Trumpism and predatory capitalism."
What next? One measure of CEO confidence has "soared to its highest level in three years," said Newsweek. The Conference Board Measure of CEO Confidence "rose significantly" in 2025's first quarter. That's because executives "anticipate business-friendly policies from the new administration, including regulatory and tax changes."
But there's "more uncertainty than I think is widely appreciated," said Michael Strain of the American Enterprise Institute to The New York Times. The chaos unleashed by Elon Musk's Department of Government Efficiency is creating a "chilling effect on investment plans and expansion plans."
Even the president's allies are cautious. The economy is showing signs of "slower growth and higher inflation," said Fox Business TV host Larry Kudlow, a business adviser during the first Trump administration. "Not good." |