LR (@trychick.bsky.social)

Most CEOs say Trump policy has harmed their businesses, new survey finds Data: Yale School of Management; Chart: Axios Visuals In private, the leaders of some of the country's best-known companies say that a number of White House policies have been bad for their businesses — and possibly illegal, per the results of a survey from Yale School of Management, shared with Axios. Why it matters: In public, business leaders are keeping relatively quiet, fearing retribution from President Trump — a stark contrast to corporate behavior during Trump 1.0. Where it stands: 70 executives who attended a CEO Caucus convened by the Yale School of Management in Washington, D.C., last week were surveyed about White House policies — from tariffs to the Federal Reserve to health care. It's not known who responded to the survey. Among the dozens of CEOs in attendance at the caucus were: GM's Mary Barra, Pfizer's Albert Bourla and Motorola Solutions' Greg Brown, per photos of the event viewed by Axios. (The three companies did not immediately respond to a request for comment.) The WSJ first reported on the meeting, held Sept. 17. By the numbers: 71% of the CEOs said tariffs were harmful to their businesses. 74% said that the courts were correct to find that the Trump's tariffs are illegal as executed. 80% said that the president was not acting in the country's best interest by pressuring Fed chair Jerome Powell to cut interest rates. 76% said that Health Secretary Robert Kennedy Jr. is putting U.S. public health at risk. Between the lines: The meeting happened just days before another White House policy delivered a blow to U.S. companies: a new $100,000 fee for H-1B visas that top tech companies use to bring in overseas talent. The change was announced Friday night via a surprise executive order. The big picture: The business community, long supportive of the Republican party, has been hesitant to speak up about any of these concerns in public. "They're all afraid of being marginalized" by the White House, says Jeffrey Sonnenfeld, a management professor at Yale who organized the event. Though back in Trump's first term, many did challenge the president — particularly around immigration policy. "You wonder what the tipping point is now?" For the record: "The Administration is working closely with business leaders to restore America as the most dynamic economy in the world, and trillions in historic investment commitments reflect how the Administration is implementing an aggressive pro-growth agenda of tax cuts, deregulation and energy abundance," White House spokesman Kush Desai said in a statement. https://www.axios.com/2025/09/22/trump-tariffs-immigration-ceos