US President Donald Trump’s aggressive stance against CEOs and corporate leaders has reached unprecedented levels, sparking concerns about the shape of US business and economy. The president has publicly attacked companies and their executives, demanding firings of executives who have not been involved in controversies.
Trump recently announced an extraordinary deal with Nvidia to take a 15% share of its chip sales in China, conditional on easing restrictions for the company’s sales there. This move has alarmed the US business community, which is typically fiscally conservative and anti-regulation.
Economists warn that Trump’s actions are defying traditional Republican free-market capitalism, echoing concerns about “state capitalism.” The president’s second term is taking an independent path, with little attention to precedent.
Business leaders have been reluctant to speak out against Trump, fearing the consequences of his vindictiveness. However, some experts predict that they will take collective action once inflation worsens significantly by the end of the year.
To stand up for their independence, business leaders need “collective action,” says economist Jeffrey Sonnenfeld. This approach has been a tactic beloved by labor unions and other critics of corporate executives and free-market capitalism.
As the US economy continues to evolve, it remains to be seen how CEOs will respond to Trump’s pressure. One thing is certain: the stakes have never been higher for corporate America.
Source: https://www.npr.org/2025/08/14/nx-s1-5501591/trump-corporate-america-capitalism