Trump Is Bad for Business, US CEOs Tell Fortune Forum

The Yale Chief Executive Leadership Institute’s 155th CEO Forum brought together Fortune 500 leaders and top political figures for a Chatham House–rules discussion, where direct quotes are off the record.

More than 100 executives reached a near-unanimous verdict: Trump’s policies aren’t working, Jeffrey Sonnenfeld and Stephen Henriques reported for Fortune.

CEOs described a hollowing out of US economic foundations and institutions.

While they welcomed efforts to bring manufacturing back and strengthen national security, they warned that the degradation of agencies such as the FBI, CIA, and Pentagon is damaging America’s global standing.

Their consensus runs counter to the highly publicized praise Trump has received from a handful of tech moguls, who executives said are not representative of the broader business community.

Two-thirds of CEOs surveyed said tariffs have harmed their businesses. They estimated that 80% of the costs have been borne equally by US firms and consumers, with the remainder falling on foreign partners.

Companies have tried to offset the burden by rerouting supply chains, pausing hiring, or enacting layoffs, but options are running out as pre-tariff inventories dwindle.

Sixty-two percent of executives said they would not be investing under the current unpredictable Trump environment.