At CEO Forum In Washington, Little Support For Trump Economic Policies

Is President Trump acting in the best interest of America by pressuring Chairman Powell to cut interest rates? Has the independence of the Federal Reserve been eroded by recent actions from the Trump administration? Have the U.S. tariffs been helpful or harmful to your business?

These are some of the big questions facing American business leaders right now, and, taken together, they offer a pretty comprehensive referendum on the Trump administration’s economic policies nine months into the president’s second term.

So, how’s he doing?

Not so hot, at least according to informal polling of the CEOs of many of the nation’s largest organizations. At least when they are asked anonymously.

The polls were part the off-the-record Yale CEO Caucus, hosted in Washington, DC Wednesday by Jeffrey Sonnenfeld, the longtime head of the school’s CEO Leadership Institute and a Chief Executive columnist. Those in attendance showed little belief—at least in private—that the White House’s multi-month grind to overhaul the nation’s tariff regime or gain more influence over the Federal Reserve was helping either the nation or their businesses.

Asked if President Trump was acting in the best interest of America by pressuring Chairman Powell to cut interest rates, 80 of those at the Caucus said no—and 71 percent said the independence of the Fed had been eroded by the administration’s actions.

On tariffs, it was much the same. Some 71 percent said the White House tariff policies had hurt their business, and for good reason: Asked who was footing the bill for the tariffs, attendees said it was and domestic importing companies (46 percent) and U.S. consumers (30 percent), rather than foreign exporting companies (14 percent) and foreign countries (9 percent) as the president has repeatedly claimed.

As you’d expect in the current political climate, individual CEOs asked directly during the discussions about the president’s policies were circumspect in their responses. Many praised his actions as helping bolster U.S. manufacturing and helping to enliven one industry after another. Pressed for details, most demurred and said they were addressing any concerns privately with the White House.

As one CEO put it—privately: “I like some of what he’s done,” he said. “But I’m not crazy about a lot of it.”

More results from poll questions asked at Wednesday’s CEO Caucus:

Can U.S. free-market capitalism compete with the Chinese socialist market economy in the global AI race?

• A. Yes — 73%
• B. No — 27%

Are you investing more in domestic manufacturing/infrastructure since “Liberation Day”?

• A. Yes — 38%
• B. No — 62%

When will we see the results from your capital investments into domestic manufacturing/infrastructure because of President Trump’s tariff policies?

• A. Spring 2026 — 17%
• B. November 2026 — 12%
• C. November 2028 — 2%
• D. Well past 2028 — 10%
• E. No results expected — 59%

Are the courts correct in saying the tariffs are illegal as executed?

• A. Yes — 74%
• B. No — 26%

Is it right for the Trump administration to use tariff policies to interfere in the peaceful, domestic political events of foreign countries, such as in the Brazilian Supreme Court decision against Jair Bolsonaro?

• A. Yes — 18%
• B. No — 82%

Is the TikTok deal an apparent threat to U.S. national security?

• A. Yes — 80%
• B. No — 20%

Could winning the bid for TikTok by the Oracle, Silver Lake and Andreessen Horowitz consortium make Larry Ellison the most powerful media executive in the world?

• A. Yes — 78%
• B. No — 22%

Would it be a problem if Ellison/Paramount had a controlling stake in TikTok?

• A. Yes — 39%
• B. No — 61%