Susan Clark, the CEO of the U.S. Chamber of Commerce, has urged business leaders to boldly advocate for free markets amid increasing governmental control. She emphasized the importance of keeping the United States open to global exchanges of talent, goods, ideas, and innovation.
Clark’s remarks may be interpreted as a subtle critique of President Donald Trump, who has uniquely intervened in business operations compared to his predecessors. His administration has directed the U.S. to acquire stakes in technology firms, enforced ownership restrictions, implemented tariffs, and pursued immigration policies opposed by the Chamber of Commerce.
This month, several CEOs, including Darren W. Woods of ExxonMobil and Jamie Dimon of JPMorgan, have expressed mild criticisms of portions of Trump’s agenda, though their comments were primarily related to sectors impacting their businesses, such as oil from Venezuela and U.S. Federal Reserve policies. Notably, Clark refrained from directly naming Trump or critiquing his policies during her speech.
Corporate governance experts have pointed out that Clark’s statements, along with what was not mentioned, reflect broader worries among business leaders that the administration may retaliate against dissent. This marks a departure from the divisions among executives during Trump’s first term, particularly following his response to the white nationalist rally in Charlottesville, Virginia, in 2017, which prompted more outspoken opposition to his policies.
Richard Painter, a University of Minnesota law professor and former chief ethics officer for President George W. Bush, remarked that business leaders’ responses have been lackluster, even amidst serious concerns regarding masked immigration enforcement against American citizens in Minneapolis and Trump’s contemplation of acquiring Greenland, which could jeopardize American companies’ access to European markets.
Painter added that Trump’s authoritarian approach contrasts sharply with the free-market principles championed by the Bush administration, expressing a desire for a stronger stance from the Chamber of Commerce. He urged executives to speak out against coercive practices, whether they affect a protester on the street or a CEO who fails to comply with presidential demands.
Limited Actions
Mark Levine, a Democrat and New York City’s new comptroller overseeing public pension funds with holdings in major American corporations, stated that executives have taken minimal actions, only speaking out when Trump’s moves directly impact their businesses.
Levine expressed skepticism about capitalism’s viability if a president with authoritarian tendencies is allowed to dictate the behavior of every company in America.
A spokesperson for the Chamber of Commerce highlighted that during a briefing with reporters, Clark reiterated the organization’s opposition to governmental intrusion into business, regardless of which party proposes it. She mentioned that executives are quietly supporting sound public policy behind the scenes without seeking to stir public uproar.
Declining Economic Support for Trump
In August, Neil Bradley, the Chamber’s chief policy officer, noted that the organization aims to interact with Trump in a non-partisan manner to preserve support for free markets.
Current polling indicates that Trump’s approval rating regarding economic matters stands at 36%, lower than his overall approval rating of 41%, despite his claims of successful economic policies.
In a speech delivered in Detroit, Trump asserted that growth is accelerating, productivity is rising, investment is flourishing, incomes are increasing, and inflation has been eliminated, underscoring that America has regained its international standing.
Public Stances
A few CEOs have publicly questioned some of Trump’s decisions. On January 9, the CEO of ExxonMobil declared that Venezuela is no longer a viable investment, contradicting White House messaging. Trump later hinted at the possibility of excluding the company from future deals there.
On January 13, Jamie Dimon expressed support for Federal Reserve Chairman Jerome Powell’s independence, shortly after the administration launched a criminal investigation into Powell’s conduct, warning that Trump’s interference could lead to rising inflation, to which Trump responded that he was unconcerned about Dimon’s comments.