Behind closed doors, our top CEOs say Trump is bad for business and it’s time to Make America into America Again

We just hosted a large gathering of top CEOs, primarily Republicans, and you might be surprised by what we heard. While many of them have been willing to support the president out of patriotic duty—and dismay over some Democratic policies—they are increasingly questioning who truly stands to benefit from the maelstrom of chaos, fear, and confusion that he has intentionally created.

The Yale Chief Executive Leadership Institute’s CEO forum gathers top political leaders with Fortune 500 CEOs for a Chatham House rules discussion where direct quotes are off the record. In Washington DC this week at the 155th gathering, as clouds swirled around the Capitol building just steps away, senators from both parties and some top Trump administration officials joined us. They had to face down the near unanimous verdict from over 100 top business leaders, representing some of the world’s largest companies and most iconic brands: Trump’s policies aren’t working. These opinions were all about business results, by the way: the reasoning was independent of personal politics or industry sector, it always came back to the bottom line.

Business leaders at our forum worry that Trump is undermining an economic system that took decades to build and has long benefited the U.S. more than any other country, under both Republican and Democratic administrations, all for short-term gains. They see what’s happening as a hollowing out of U.S. economic foundations and institutions. In this free-to-speak environment (a loaded topic these days), they said that while they approve of bringing manufacturing back to the U.S. and bolstering economic and national security, they fear for America’s international standing amid the degradation of national security at the FBI, the CIA, and the Pentagon.

This widespread sentiment is directly counter to the heavily trumpeted “Dear Leader” tributes of just a handful of tech titans, who are decidedly not representative of the leadership class.

Survey saysTwo-thirds of the CEOs surveyed at our event said that U.S. tariffs have been harmful to their businesses. They estimate that 80% of the tariffs have been shared equally between domestic firms and U.S. consumers, with the remainder shouldered by foreign counterparts. Businesses have attempted to limit the cost of tariffs from being passed on by rerouting supply chains, reworking operations, instituting hiring pauses, or administering large-scale layoffs. But they have limited options left as inventories built up before the tariffs took effect continue to be depleted.One CEO of a major U.S. manufacturing company explained to the group: “If the U.S. government wants to help protect certain industries, they need to help those industries be successful. It is not just putting a bunch of tariffs in place and assuming those industries are going to get moved to the U.S. There have to be incentives … Consumers want products to be low-cost … power tools, hand tools, clothing, sneakers … Does it really make sense to be manufacturing all that in the United States? I do not believe it does. I believe there are certain industries where it does make sense … but it is not realistic to expect every industry in the world to be manufacturing products in the U.S. for the U.S.

Why everything is frozen in the Trump 2.0 economyThen there’s the uncertainty that hangs over everyone’s business during the second Trump term, and why CEOs told us that they’re watching and waiting. Across town the same day, Federal Reserve Chairman Jerome Powell described the “low firing, low hiring environment” in the labor market. We could have told him why.

As we saw in the first Trump administration, there is also the larger question of which major capital investment announcements are truly new, or whether they are old plans dusted off and repackaged to appease an exacting president. Past examples of widely celebrated manufacturing investments that petered out include the failed $10 billion Foxconn factory in Wisconsin. And while the president may still like to hold star-studded events celebrating the supposed hundreds of billions of dollars being invested in the U.S. because of him, the validity of some of those commitments has been called into question. Other pledges are once again encountering indefinite delays.

CEOs at our event repeated stories of similar quandaries. A well-known business leader with a significant manufacturing footprint in the U.S. and abroad told the group that while they want a level playing field and support the president’s goals in that regard, their company can only offset some of the tariff-related cost increases through operating efficiencies and tax benefits from the recently passed “One Big Beautiful Bill.” They added that for now, the cost of tariffs still far exceeds the benefits provided by the Trump administration, drawing murmurs of agreement from the room.

Just as frustrating for CEOs is the lingering sense that this entire house of cards might collapse at any moment due to a court reversal. Nearly three-quarters of all executives surveyed said they the courts are correct in saying Trump’s tariffs are illegal as implemented. If the Supreme Court agrees with those business leaders, then corporate America’s plans will be thrown into disarray again amid halting uncertainty.

Another leading CEO in the manufacturing sector, whose products are primarily made in America, explained just how debilitating this kind of uncertainty is for their company: “Manufacturing has always been a big advantage for America. So, I think bringing back manufacturing is important. The administration has it right … [We need a level] playing field in the United States … But I am always worried about what the government is going to do next. It seems like the tariffs have simmered down, but in reality, where manufacturers import from is Mexico, Canada, and China. None of those [trade deals] is settled. So, if you want to make a change in your business, you recognize tariffs are going to change in 90 days or 120 days. And I don’t want to look like a fool! So, I’m going to hold back.