U.S. Corporations Remain Quiet as Trump Shifts Away from Traditional Capitalist Policies
During President Donald Trump's hypothetical second term, his administration has taken aggressive actions affecting federal workers’ union rights and imposed tariffs that strained sectors like the auto industry. However, two prominent business advocacy groups, the US Chamber of Commerce and the Business Roundtable, have remained largely silent on these interventions.
The US Chamber of Commerce, a powerful lobbying group representing hundreds of businesses, has been particularly quiet on the issue. Similarly, the Business Roundtable, which represents hundreds of chief executives, has also been largely absent from the public debate.
Trump's efforts to seize control of private enterprise have been diverse. From his recent arrangement with Nvidia to funnel 15% of their China sales to the US government in exchange for export licenses, to his social media outbursts at individual executives, and his moves to take a stake in Intel, Trump's actions have raised concerns among some business leaders.
Donald Sherman, executive director of the Center for Responsibility and Ethics in Washington, stated that Trump's actions could harm businesses and are the natural and predictable result of failing to appropriately stand up to his anti-democratic and authoritarian tendencies during his first term.
In the past, these groups would not hesitate to decry new legislation, mock unnamed bureaucrats for ham-fisted overreach, and denounce regulations or taxes they saw as government overreach. However, in the face of Trump's aggressive actions, they have remained relatively quiet.
The silence from Corporate America isn't entirely unexpected. Business leaders face a cost-benefit analysis: Make themselves a target or fall in line and wait for the massive tax cuts the president has promised. Several trade groups have privately drafted plans to push back against the Trump administration in defense of their business interests, but these plans have been shelved due to concerns about drawing White House ire.
The US Chamber of Commerce and the Business Roundtable have criticized Trump's trade war, warning that tariffs hurt American businesses. However, they have not spoken out about the president's more direct assault on free enterprise. Neither the Chamber of Commerce nor the Business Roundtable responded to multiple requests for comment.
The Business Roundtable, another DC-based lobbying group, has been largely MIA on the MAGA shift toward a style of capitalism that more closely resembles the autocratic regimes of Russia and China. Trump's campaign to undermine federal statistics could do serious damage, but the groups have remained silent.
The White House is considering using taxpayer money to acquire a stake in struggling chipmaker Intel. The president has also taken credit for Coca-Cola's decision to roll out a cane-sugar-sweetened product that aligns with his allies' "Make America Healthy Again" philosophy.
The US Chamber of Commerce has sued the federal consumer watchdog group for attempting to cap credit card late fees, claiming the agency exceeded its statutory authority. The chamber also sued the Biden administration over the Inflation Reduction Act's provisions for Medicare price negotiations, claiming the move would consolidate "unfettered and unchecked power" to the department of Health and Human Services.
Trump regularly criticizes CEOs in public for perceived slights. His actions could potentially harm businesses, but the US Chamber of Commerce and the Business Roundtable have not taken a prominent public stance opposing Trump’s increased intervention in the private sector during his second term.
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