Former President Donald Trump has continued to leverage his relationships with prominent business leaders to enhance his image and influence economic perceptions. Trump steers government business to the loyal and retaliates against the disloyal. This path has established a threat-vacuum dynamic in which CEOs are often made to feel they need to publicly deal with his administration. This approach echoes throughout his interactions with industry titans as he seeks to portray a booming economy even amidst signs of slowing growth.
Through all of this, the tenor of Trump’s escapades with business executives has grown stale. During the last presidential administration, America’s top CEOs became regular visitors to the Oval Office. Making time to meet with Trump should be a permanent item on their agenda. He further uses his interactions as fodder to lay claim to his own economic success. These meetings are such a testament to his skill as a business climate generator.
Throughout his first term, Trump was especially attuned to punishing the corporations that lost his blessing. During founder Jeff Bezos’s tenure, Amazon routinely came under the harshest spotlight. Predictions suggested the e-commerce giant could use the opportunity to explain how Trump’s tariffs would affect its prices. Trump made this personal, taking to Twitter to air his grievances directly at Bezos, revealing the stakes of not currying favor with the new administration.
Trump has rewarded loyalty to those who bend the knee to his vision. On a personal note, he lauded Apple CEO Tim Cook. This followed the tech behemoth’s promise of a $500 billion injection into the United States alone. Trump remarked, “I said to him: ‘My friend, I treated you very good. You’re coming here with $500 billion, but now I hear you’re building all over India. I don’t want you building in India.’”
Beyond these personal entanglements, Trump has failed to lead on engaging his tariff powers where he’s strategically wielded them. He maintains a 25% tariff on foreign steel and aluminum. Simultaneously, he continues to issue temporary reprieves for vehicles produced domestically that include foreign parts that don’t meet rules of origin under the U.S.-Mexico-Canada trade agreement. These actions have, at least in part, been framed as temporary changes to lure automakers to amp up production at home.
It’s not just Trump’s approach that has stirred responses from other business leaders. JPMorgan Chase CEO Jamie Dimon emphasized the importance of negotiation in trade deals during a recent interview, stating, “Negotiate some trade deals. That’s the best thing they can do.” The uncertain nature of Trump’s trade agenda and policy have left executives with a responsibility to keep in regular contact with his administration.
In his often unconventional and argumentative advocacy for American businesses, the Inaugural Donald Trump has taken on, and positioned himself well, as America’s chief cheerleader. “I’m just thinking we have a president of the United States doing the selling,” he stated, reflecting on his role in promoting U.S. interests abroad. He further asserted the necessity of this engagement by contrasting it with the current administration’s approach: “You think Biden would be doing it? I don’t think so. But I think it’s so important.”
Of course, Trump’s meetings don’t come without their dramatic flourish. In a personal meeting with LVMH CEO Bernard Arnault, he said thank you. In particular, he lauded the “Medals of Sacrifice” produced by Tiffany & Co., one of LVMH’s subsidiaries. These interactions underscore one of Trump’s most successful tactics, of business leaders serving as the supporting cast in Trump’s story of economic vitality.
The impact of the former president’s economic policies have elicited sharply divided responses from members of the business community. While some executives appreciate Trump’s direct engagement and potential economic benefits, others remain wary of the volatility introduced by his administration’s tariff strategies and public statements.
