American CEOs Express Concern Over Trump’s Turbulent New Tariffs: NPR

Wall Street is in a frenzy due to President Trump’s disorganized new tariffs. Business leaders are reportedly making urgent calls to the White House. On Tuesday, the nation’s top CEOs gathered for an unprecedented closed-door meeting with Trump.

However, out in the open, executives from corporate America are maintaining their composure — and even showing optimism.

“The business community recognizes what the president is attempting to accomplish with tariffs,” remarked Goldman Sachs CEO David Solomon during an interview with Fox News on Wednesday.

While Solomon noted that companies generally seek lower tariffs, he began by commending Trump for being “engaged with the business community,” in contrast to the approach of the Biden administration.

The Goldman Sachs CEO spoke just after Trump convened him and other members of the Business Roundtable, a key group of CEOs. This meeting came on the heels of two days of significant drops in the U.S. stock market, amid a $4 trillion selloff fueled largely by Trump’s rhetoric and actions: since early March, Trump has introduced a flurry of steep tariffs, reversed certain decisions, and dismissed concerns about their economic repercussions.

When asked about a potential recession, Trump deflected — a comment that contributed to this week’s market chaos.

“There is a transitional period because what we’re implementing is monumental. We are bringing wealth back to America,” the president mentioned in an interview that aired Sunday.

By mid-week, some of the most influential CEOs began to voice concerns — albeit in mild terms.

“Uncertainty is not beneficial,” stated JPMorgan Chase CEO Jamie Dimon, who leads the largest bank in the nation, during a conference hosted by Semafor.

Similarly, Larry Fink, CEO of investment powerhouse BlackRock, told UJ that “the economy is weakening as we speak.”

However, Fink was eager to emphasize that the Trump administration’s policies could be “very beneficial for the United States” in the long haul.

A spokesperson from the White House reiterated their earlier statements made to NPR this week.

“President Trump achieved historical strides in job creation, wage increases, and investment growth during his first term, and is on track to replicate that success in his second term,” said White House spokesperson Kush Desai via email.

The Diplomacy of America’s Business Leaders

Corporate America’s cautious and deliberate language — even as they brace for the uncertainties brought on by market volatility and tariffs — highlights the diplomatic balancing act leaders are undertaking. They largely support Trump’s economic initiatives, such as reduced taxes and deregulation.

Business executives also recognize minimal advantages in publicly criticizing the president, experts suggest. This marks a stark contrast to Trump’s initial term when several CEOs stepped down from White House advisory committees to protest his response to racially charged events in Charlottesville, Va.

Eight years later, corporate America is now less inclined to engage in public discussions surrounding political or social issues that they don’t see as directly affecting their profits.

Today, their focus is more directed towards the possible financial benefits stemming from Trump’s renewed term, as he actively pursued business interests during his campaign — a strategy that initially left corporate America optimistic with soaring CEO confidence, hitting a three-year peak last month, according to the Conference Board’s quarterly survey.

With Trump’s inconsistent tariff policies now throwing many companies’ economic projections into disarray, business leaders are attempting to prevent adding to the investors’ financial distress, explains Anna Tavis, chair of New York University’s human-capital management department who engages with executives throughout corporate America.

She argues that part of a CEO’s role is to inspire confidence — in their businesses, in the markets, and in the economy at large.

“They have no influence over government actions, no matter their personal views on the matter,” Tavis comments.

Moreover, she adds: “Clearly, they aim to position themselves favorably amidst any eventualities.”

80% of CEOs are “apologizing to our international partners”

Discussions behind closed doors reveal a more direct reality. CEOs “are profoundly discouraged,” says Jeffrey Sonnenfeld, associate dean at the Yale School of Management, who hosted a meeting of CEOs on Tuesday.

80% indicate they “find themselves apologizing to our international partners for Trump’s unpredictable behavior,” Sonnenfeld shared on NPR’s Morning Edition Thursday.

Additionally, “approximately 70% expressed that the Trump administration would be detrimental to the economy.”

Such sentiments starkly oppose the more optimistic findings from the Conference Board earlier last month, which regularly polls leaders from major U.S. corporations. Their latest survey wrapped up on February 10, following Trump’s initial announcement of, then subsequent suspension of, new 25% tariffs on Mexico and Canada.

“People were taken aback by the uptick in CEO confidence at a time when tariffs could potentially negatively influence the economy,” stated Stephanie Guichard, a senior economist at the Conference Board, in an interview with NPR last week.

While many CEOs in late January and early February voiced concern about tariffs in the Conference Board’s survey, they were then primarily focused on Trump’s other business-friendly pledges, such as regulatory cuts and tax reductions.

Still, Guichard is keen to observe the insights CEOs offer in the upcoming May poll, noting, “A great deal can transpire prior to that time.”