American business leaders who helped re-elect Donald Trump in 2024 are now reconsidering their support as his political influence wanes. Initially backing Trump for promised tax cuts, deregulation, and protection from EU regulations, they believed he could harness populist anger while delivering economic benefits. However, Trump’s failure to deliver on economic promises, combined with disruptive trade policies and damaged international relationships, has led to growing regret among corporate leaders.
The midterm outlook appears bleak, and even before Trump’s poll numbers declined, his unilateral tariffs and insults toward allies clashed with business interests that favor stable global trade. Leaders wanted a president who would cut taxes and rules, not one who disrupted trade in the Strait of Hormuz or sided with Putin in the Ukraine war—actions seen as existential threats to Europe and harmful to U.S. economic standing. Exhibit A in this shift is Jamie Dimon of JPMorgan, who, while never a MAGA cheerleader, has recently advocated for a wide-ranging free trade deal with the EU—directly opposing Trump’s approach.
Dimon carefully framed his proposal as non-confrontational, calling it “one big beautiful” agreement, but it stands in stark contrast to administration policy. Many CEOs have privately expressed discomfort with the MAGA agenda, apologizing for Trump’s conduct and acknowledging his harm to America and the world. Some, like a New York private equity investor who calls himself “very conservative,” admit shame over U.S. actions and identify as globalists, eager to repair transatlantic ties.
Business leaders are waiting for the right moment to speak out, aware that timing is critical—too soon risks punishment, too late loses influence. Trump’s betrayal of Ukraine and open support for Putin may serve as the catalyst for broader corporate dissent.
Source: Financial Times Companies · Summarized by HeadlinesBriefing