We recently hosted a big meeting with top CEOs, mostly Republicans, and what they shared may surprise you. While many support the president out of patriotism or concern over some Democratic policies, they are increasingly questioning who really benefits from the chaos, fear, and confusion that Trump has created.
The Yale Chief Executive Leadership Institute’s CEO forum brings together political leaders and Fortune 500 CEOs for private discussions under Chatham House rules, meaning quotes are off the record. This week in Washington D.C., at the 155th gathering, senators from both parties and some Trump administration officials joined us. They faced the near-unanimous view of over 100 top business leaders: Trump’s policies aren’t helping their companies. These opinions were based on business results, not personal politics, and kept coming back to the bottom line.
CEOs at the forum worry that Trump is weakening an economic system that took decades to build, one that has long benefited the U.S. under both Republican and Democratic administrations. While they support bringing manufacturing back to the U.S. and improving economic and national security, they are concerned about America’s global reputation as agencies like the FBI, CIA, and Pentagon face challenges.
This view contrasts with the small group of tech leaders who praise Trump publicly, who do not represent most business leaders.
Survey Says
Two-thirds of the CEOs said U.S. tariffs have hurt their businesses. They estimate that 80% of the costs were shared between U.S. companies and consumers, with the rest falling on foreign companies. Businesses have tried to limit the impact by rerouting supply chains, pausing hiring, or laying off workers, but options are limited as pre-tariff inventory runs out.
One CEO of a major U.S. manufacturing company said:
“If the U.S. government wants to help certain industries, they need to help them succeed. It’s not just putting tariffs in place and assuming industries will move to the U.S. There have to be incentives. Consumers want low-cost products—power tools, clothing, sneakers. It doesn’t make sense to manufacture all of that in the U.S. for the U.S. Some industries should, but not every industry.”
Leaders from companies like Gap, Ford, Nike, Procter & Gamble, Home Depot, Best Buy, Macy’s, Target, and Walmart have shared similar concerns. Even with inflation rising and the labor market weakening, fewer than half of the CEOs said they increased investments in domestic manufacturing, and fewer still expected big results.
Why Everything Is Frozen in the Trump 2.0 Economy
CEOs say uncertainty hangs over every business during Trump’s second term. Federal Reserve Chairman Jerome Powell described a “low firing, low hiring environment,” and CEOs understand why.
Many big investment announcements may be old plans repackaged to impress the president, like the failed $10 billion Foxconn factory in Wisconsin. Even celebrated deals often face delays. CEOs explained that while they want a level playing field and support Trump’s goals, tariff costs still outweigh benefits from the administration, causing frustration and uncertainty.
Nearly three-quarters of executives said the courts are right to question the legality of Trump’s tariffs. If the Supreme Court agrees, companies’ plans will face more uncertainty.
A U.S. manufacturing CEO said:
“Manufacturing is important for America, and a level playing field is needed. But I’m always worried about what the government will do next. Trade deals with Mexico, Canada, and China aren’t settled. Tariffs can change in 90 or 120 days, so I hold back from making big changes.”
CEOs are also worried about Trump pressuring Powell to cut interest rates. Most think his actions have hurt the independence of the Federal Reserve, and over 60% blame political interference for this. A major investment bank CEO said:
“All of the administration’s actions aim to keep the U.S. dollar as the world’s reserve currency. But attacking the Fed’s independence is confusing. People trust the Fed to stay outside presidential influence.”
Credit Where It’s Due
The CEO forum was not all negative. Executives want a strong America and praised Trump when actions show results. On CNBC’s Mad Money, Apple CEO Tim Cook and Corning CEO Wendell Weeks credited Trump for encouraging their $2.5 billion partnership in Kentucky.
CEOs still believe in the U.S. and its capitalist system but are concerned about Trump’s move toward state-driven management, like controlling staffing and strategic markets. Nearly three-quarters said U.S. capitalism can compete with China’s socialist market economy, but they disapprove of Trump’s recent market interventions, such as taking stakes in Intel and MP Materials, and controlling certain deals with Nvidia, AMD, and Nippon Steel.
Such state-driven moves create uncertainty for CEOs and give China a competitive advantage. In March, 85% of business leaders said U.S. government uncertainty helps China, and recent months have confirmed that.
CEOs also worry about U.S.-Russia-Ukraine relations. Initially, nearly three-quarters expected a peace deal, but now more than three-quarters see relations worsening under Trump. They also fear losing progress in the Middle East from the Abraham Accords.
Polls from Ipsos, Gallup, the Associated Press, Emerson College, Quinnipiac University, and Morning Consult all show a similar trend: Americans disapprove of Trump’s leadership. His approval ratings are lower than any other president at this point since President George W. Bush.
After nine months in office, many want a return to respect for government balance, stronger international alliances, independent expert advice, freedom of speech, and fair economic deals. In short, CEOs are calling to make America, America again.
When one commenter compared MAGA to the Maoist movement, most attendees didn’t disagree.
