By Priya Raghuvanshi

Copyright timesnownews

At a recent Yale School of Management meeting, many of America’s top CEOs shared candid worries about tariffs, immigration, and an increasingly unpredictable business climate, concerns they rarely express publicly. While publicly praising the Trump administration’s agenda, these executives reveal a more troubled outlook when speaking off the record, according to a Wall Street Journal report. During the private gathering, CEOs voiced strong dissatisfaction with tariffs, with 71 per cent saying the levies have hurt their businesses. Many highlighted that it is US consumers and importers who bear the cost, not foreign exporters, stated the WSJ report. Some CEOs, like Ethan Allen’s Farooq Kathwari, acknowledged the importance of fair trade but warned, “The focus on making trade fair between America and the rest of the world is important, but now it’s got to be managed so it does not create chaos,” the report added. Despite the administration’s push to revive domestic manufacturing, 62 per cent of executives surveyed said they do not plan to increase investments in US manufacturing or infrastructure, citing concerns over tariffs, immigration, and overall economic uncertainty as major barriers. Unease Over Government Involvement And Federal Reserve Pressure The report claims that the executives expressed apprehension about recent government interventions, such as the US government securing a “golden share” in US Steel and requiring a cut of overseas chip sales from companies like Nvidia. Snap-on CEO Nick Pinchuk remarked, “The government should not choose winners or losers in sectors,” advocating instead for broad support to encourage manufacturing employment. The meeting also revealed widespread disapproval of President Trump’s efforts to pressure Federal Reserve Chair Jerome Powell to lower interest rates. Around 80 per cent of attendees felt this was not in the nation’s long-term interest, with 71 per cent concerned that the Fed’s independence has been compromised, states the report. Optimism For American Capitalism Despite Challenges Despite their grievances, nearly 75 per cent of the CEOs expressed confidence in America’s ability to compete globally, especially against China’s state-driven economy in fields like artificial intelligence. This nuanced stance reflects a complex balance between appreciation for the administration’s goals and unease about the methods used to achieve them, as per the report. As Jeffrey Sonnenfeld, who organised the event, observed, “They’re being extorted and bullied individually, but in private discourse, they’re really upset.” The report said that this private candour sheds light on the tensions many corporate leaders face navigating today’s business environment under the Trump administration.