Copyright © HT Digital Streams Limit all rights reserved. Chip Cutter, The Wall Street Journal 4 min Read 18 Sept 2025, 07:28 AM ist Trump administration made rates at the core to its economic agenda in the hope of stimulating a revival in domestic manufacture by bringing back to the US from overseas. (Bloomberg) Summary of America’s top executives is concerned about the movements that many consider state -makingism and pressure on the federal reserve. Corporate leaders regularly praise the Trump administration and its policy in public. Behind closed doors their mood is darker. At a meeting of CEOs and other managers met by the Yale School of Management on Wednesday, dozens of America’s business leaders have their concerns about rates, immigration, foreign policy issues and who have described many as an increasingly chaotic, difficult to navigate business environment. Jeffrey Sonnenfeld, a professor of Yale management who organized the event, said they give a cut of certain Nvidia chip sales and a ‘gold share’ in US steel, they say. The meeting included prominent corporate managers such as Greg Brown, CEO of Motorola Solutions, who also received an award for leadership; Glenn Fogel, CEO of the Holdings Holdings; and Farooq Kathwari, CEO of Ethan Allen. Other participants included the heads of major manufacturers, consumer brands, car manufacturers, technology companies and investment companies. Many people who shared their concerns in the boundaries of a private conference room on Wednesday did not want to speak publicly, for fear that their businesses could be targeted by the administration, or that they could attract criticism from Trump. In a series of polling questions, the drivers in the room announced their frustrations. Asked whether the rates were useful or sore for their businesses, 71% of respondents described the levies as harmful. Another question centered on the legality of rates. About three -quarters of the respondents said that courts are correct by saying that the rates are illegal as performed. The Supreme Court will take up the case this fall. Managers also said that US consumers and domestic import companies have those who bear the cost of rates, not international export companies or countries. The Trump administration made rates at the heart of its economic agenda in the hope of encouraging a revival in domestic manufacturing by bringing work to the US from overseas. And although some companies, such as Apple and pharmaceutical giant Eli Lilly, announced plans to make more of their products domestically, most CEOs that gathered on Wednesday had a different view. When asked if they were planning to invest more in US manufacturing and infrastructure, 62% of respondents said they did not intend to do so. The reason, according to Yale’s Sonnenfeld, is because tariffs, immigration policies and concerns about the economy all weigh on the leaders and prevent them from feeling confident today to make new investments. “They keep something going again,” he said. White House spokesman Kush Desai said in a statement that the administration is working closely with business leaders to strengthen the US economy by “an aggressive pro-growing agenda of tax cuts, deregulation and energy overflow.” “President Trump’s resounding election day win has sent a clear signal to the world: America is back in the business world,” he said. Not all CEOs in the room criticized the administration. Several who attended the event said they appreciated the efforts among Trump officials to correct the imbalances in the trade and strengthen the country’s boundaries, but said they were carried out the way some policy is carried out. “There is a reasonable amount of confusion,” says Kathwari of Ethan Allen, who produces many of his products in the US. “The focus on making trade between America and the rest of the world is important, but now it has to be managed so that it does not create chaos.” However, for their many concerns, corporate leaders still asked a lot of confidence in the US whether American capitalism with China’s socialist economy in the global race could compete to develop artificial intelligence instruments. Managers did not wait: Almost three -quarters said they trusted themselves in the US event organizers, executives did not present to give their political commitments of the group, although Sonnenfeld said he was based on the areas based on the areas of the past, that the extended majority said. of those in the room identified as Republicans. Nevertheless, participants have expressed alarm about many recent Washington moves, including on matters regarding the Federal Reserve. CEOs were almost unanimous to express dissatisfaction with Trump’s efforts to print Federal Reserve chairman Jerome Powell to lower interest rates: 80% of respondents said Trump did not act in the best long -term interests of America. In another question, 71% of respondents said the Fed’s independence was eroded by Trump’s actions. Fed policy makers approved the first interest rate cut in nine months Wednesday and indicated that more cuts are likely. A good part of the discussion Wednesday, those who attended focused on so -called state capitalism. Nvidia and Advanced Micro Devices will share part of certain overseas disk sales with Washington, while the US will find what is known as a ‘gold share’ in US steel as a state of recent Nippon’s recent takeover. Some managers have seen the recent moves as a sign that the government can benefit the free market toss the US has long defined, or some companies over others. “The government should not choose winners or losers in sectors,” says Nick Pinchuk, CEO of Snap-On Tools. Instead, he wants to see the government broadly supporting efforts to attract more workers in professions such as manufacturing. “It’s a profession that comes from the evil.” Write to chip cutter at chip.cutter@wsj.com Catch all the business news, market news, news stories and latest news updates on live currency. Download the Mint News app to get daily market updates. 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