Former President Donald Trump faced criticism from top CEOs at the Business Roundtable’s quarterly meeting, with attendees reporting that he lacked focus and failed to provide details on his policy proposals, including reducing taxes and cutting back on business regulations. Some CEOs even said that Trump was meandering, unable to keep a straight thought, and all over the map during the meeting. Despite some attendees being predisposed to supporting Trump, they left the meeting less inclined to do so.
While Trump’s presidential campaign communication director, Steven Cheung, stated that the former president was warmly received and commended for his deregulation and tax cut proposals, two attendees reported that Trump’s energy was noticeably subdued during the meeting. There was no noticeable applause for Trump during his remarks, in contrast to his more animated and engaging meeting with House Republicans earlier in the day. However, there was applause during the Q&A section where participants commended Trump for his agenda.
During the meeting, Trump discussed his plan to bring the corporate tax rate down from 21% to 20%, stating that it was a round number when asked why he had chosen that percentage. This response left many CEOs shaking their heads, particularly considering that corporate income taxes contributed approximately $420 billion to federal revenues in 2023, according to the Congressional Budget Office. Over the past few years, Wall Street has been concerned about President Joe Biden’s aggressive antitrust enforcement, pharmaceutical price caps, and progressive tax policy.
Overall, Trump’s lack of focus and detail on policy proposals, as well as his subdued energy during the meeting with top CEOs at the Business Roundtable, left some attendees less predisposed to supporting him. Despite receiving applause during the Q&A section for his deregulatory and tax cut agenda, Trump’s response regarding the corporate tax rate reduction to 20% being a round number was met with skepticism from CEOs. Wall Street has been concerned over Biden’s policies, including aggressive antitrust enforcement and progressive tax policy, which have impacted the business environment.
