Jeffrey Sonnenfeld is Lester Crown Professor of Leadership Practice at the Yale School of Management and founder of the Yale Chief Executive Leadership Institute. Stephen Henriques is a senior research fellow at the same institute.
September 21, 2025
We recently hosted a large meeting of top CEOs, mostly Republicans, and what we heard may surprise you. Many of them support President Trump out of patriotism or concern about some Democratic policies, but they are increasingly questioning who actually benefits from the chaos he has created.
The Yale Chief Executive Leadership Institute’s CEO forum brings together Fortune 500 leaders and top political figures for private discussions where comments are off the record. At this week’s 155th meeting in Washington, DC, over 100 top business leaders spoke with senators and Trump administration officials. The message was clear: Trump’s policies are not helping businesses. These opinions were focused on business results, not personal politics.
CEOs worry that Trump is weakening an economic system built over decades that has helped the U.S. under both Republican and Democratic presidents. They approve of efforts to bring manufacturing back to the U.S. and strengthen national security, but they are concerned about America’s global reputation as institutions like the FBI, CIA, and Pentagon are weakened.
This widespread concern contrasts with the praise from a few tech leaders who do not represent the majority of business leadership.
CEOs Say Tariffs Are Hurting Businesses
Two-thirds of CEOs said U.S. tariffs have hurt their companies. They believe 80% of the tariff costs are shared between U.S. businesses and consumers, with the rest paid by foreign companies. Companies have tried to reduce costs through supply chain changes, hiring freezes, and layoffs, but their options are limited as inventories decline.
One CEO of a major U.S. manufacturer explained:
“If the U.S. government wants to help certain industries, they need to help them succeed. Tariffs alone won’t bring production back. Consumers want low-cost products like tools, clothing, and sneakers. Some industries make sense to bring back, but not all.”
Leaders from Gap, Ford, Nike, Procter & Gamble, Home Depot, Best Buy, Macy’s, Target, and Walmart have expressed similar concerns. Inflation is rising again, reversing gains inherited from the Biden administration, and the labor market is weakening.
Even with Trump’s “Make America Great Again” efforts, fewer than half of CEOs report increased investment in U.S. manufacturing, and even fewer expect major results from current investments.
Uncertainty in the Trump 2.0 Economy
CEOs are cautious about new investments during Trump’s second term. Past examples of celebrated manufacturing investments, like the $10 billion Foxconn factory in Wisconsin, failed to meet expectations. Many planned investments have been delayed or repackaged to appear new.
One manufacturing CEO explained:
“We support a level playing field, but tariffs change constantly. We don’t want to make decisions that could backfire.”
CEOs also worry about Trump’s pressure on Federal Reserve Chair Jerome Powell to cut interest rates. Over 60% said his actions have weakened the Fed’s independence, potentially harming long-term economic stability.
A leader of a major U.S. investment bank said:
“The Fed’s independence is critical for keeping the U.S. dollar as the world’s reserve currency. Attacking it is risky.”
Recognizing Success
Despite concerns, CEOs acknowledged when Trump’s policies succeed. For example, Apple CEO Tim Cook and Corning CEO Wendell Weeks credited Trump for a $2.5 billion partnership in Kentucky. CEOs still believe in U.S. capitalism but are frustrated with moves that resemble state-controlled economies, such as taking stakes in companies like Intel and MP Materials.
Many CEOs feel that state-driven capitalism and protectionism increase uncertainty and give China a competitive advantage. In March, 85% of business leaders said U.S. uncertainty was helping China, and recent months have confirmed their concerns.
CEOs also worry about foreign relations. Most feel relations with Russia and Ukraine have worsened under Trump, and the progress from the Abraham Accords in the Middle East is at risk.
CEOs Call for America to Return to Its Strengths
Polling from Ipsos, Gallup, the Associated Press, and other organizations shows that Americans disapprove of Trump’s leadership, with approval ratings lower than any president at this stage since George W. Bush.
After nine months in office, CEOs want a return to respect for the balance of powers, support for international allies, independent expertise from economists and scientists, freedom of speech, and fair economic practices. In short, they want to make America, America again.
When one attendee compared MAGA to the Maoist movement, there was no objection—showing the strong concern among business leaders.
