Business Titans Privately Slam Trump's Erratic Trade Tactics As Allies Pretend Loyalty in Public

Donald Trump's aggressive trade and tariff strategy has fractured the consensus among US corporate leadership, with powerful executives privately condemning what they view as unpredictable economic policy even as they maintain public loyalty to the Republican commander-in-chief.

Trump's tariff regime, deploying levies on imports worldwide under emergency powers and targeting China, Canada, and Mexico, has triggered deep unease among CEOs who worry that uncertainty and legal peril are imperilling long-term investment, supply chains, and America's economic standing. Courts have already questioned the legality of Trump's approach, even as global markets adjust to the shifting ground of US trade policy.

Uncertain Legal Ground for Tariffs

The legality of Trump's sweeping tariffs is under intense judicial scrutiny, with lower courts striking down key components as exceeding presidential authority. The United States Court of International Trade ruled that Trump's 'liberation day' tariffs, broad reciprocal duties imposed in 2025, exceeded the authority granted under the 1977 International Emergency Economic Powers Act (IEEPA) and were unlawful.

Plaintiffs in the consolidated Supreme Court case V.O.S. Selections, Inc. v. Trump argue that the president's use of IEEPA to impose tariffs lacks a statutory basis because the statute does not explicitly authorise tariffs and intrudes on Congress's exclusive power to regulate foreign commerce and impose duties. The Supreme Court has heard oral arguments and shown reluctance to endorse such sweeping use of emergency powers, with justices from both ideological wings expressing scepticism about whether IEEPA grants authority to impose tariffs of this magnitude.

As of 20 January 2026, the Court postponed a decision on the tariffs case, leaving the legal fate of Trump's signature trade policy unresolved and prolonging economic uncertainty.

Disquiet In Boardrooms Over Trade Volatility

Behind closed doors, chief executives are voicing frustration about shifting trade policy and uncertainty over future tariff regimes. Ken Griffin, founder and chief executive officer of Citadel LLC, long a Republican donor and business elite mainstay, has publicly criticised the administration's approach to tariffs, calling them unpredictable and economically harmful. Griffin warned that the rapid and chaotic policy changes have damaged confidence in US trade leadership and 'eroded the American brand' abroad.

At the Milken Institute Global Conference, Griffin described Trump's tariff war as verging on 'crony capitalism', where selective exemptions and arbitrary policy shifts risk distorting markets rather than promoting competitive fairness. Senior executives in the financial sector have privately echoed these concerns, with industry surveys showing nearly half of CEOs indicating that levies would compel cost-cutting and strategic realignment, whilst a large majority forecast renewed inflationary pressure.

Supply Chain Disruption and Market Backlash

Leaders of logistics and supply companies have warned that the 'on again, off again' nature of tariff implementation has injected confusion and inefficiency into global supply networks. Ryan Petersen, CEO of Flexport, explained that frequent tariff adjustments have paralysed planning for companies that must set sourcing and production decisions years in advance, adding layers of cost and complexity at a time when global trade networks were already adjusting post-pandemic.

CEOs of major retailers reportedly pushed back privately as well, warning of looming inflation and inventory disruption if tariffs persisted without clear direction.

Public Faces and Private Frustration

Despite these concerns, many prominent business leaders continue to project loyalty to the administration in public forums, emphasising cooperation and a shared commitment to American competitiveness. Some executives have praised Trump's broader economic engagement, framing tariffs as an assertive tool to rebalance global trade even as they argue for clearer guidance and lower rates.

This dual posture reflects a wider tension in American corporate culture during the Trump era: executives feel compelled to support Republican leadership publicly whilst privately warning of economic liabilities and reputational risk.

What Lies Ahead

The unresolved Supreme Court case continues to cast a long shadow over global trade expectations, suggesting that the future of American tariff policy could hinge as much on courtroom decisions as on negotiations in Beijing or Brussels. For multinational corporations and capital markets alike, clear rules and predictable policy frameworks are essential, but the combination of unilateral tariff actions and legal challenge has produced the opposite: a climate of speculation, strategic hesitation, and concern over the durability of US trade commitments.

The reactions of business leaders, both candid and covert, reveal an undercurrent of anxiety that the price of unpredictability may be paid in lost investment, frayed alliances, and a diminished role for the United States in shaping global commerce. As tariff policy remains legally contested and economically divisive, corporate America faces mounting pressure to either publicly break ranks with the administration or absorb the costs of continued volatility in silence.