- Managers of the company who gathered at the Kauset CEO Yale from last month They were investigated when they were to express their concerns about President Donald Trump and most of them said it would take a 20% decline in the stock market. The Nasdaq And Russell 2000 has already entered the bear market, while the S&P 500 is coming.
CEOs largely avoided the public criticism of President Donald Trump when he introduced his tariffs, but the recent bloodshed of the stock market can cause change.
Dozens of top company executives who gathered at the Kauset CEO Yale were examined in an improvised survey, where the stock market should cause their concerns about Trump.
According to Wall Street Journal44% of CEOs stated that 20% drop, 22% said 30% drop, 10% reported 50% of the accident and 24% said it was not their role.
The question did not find out the starting point for measuring market loss. Some measures have exceeded in stock or are approaching the threshold of 20%.
Nasdaq and Russell 2000 decreased by more than 20% of their 52 -week maximum and entered the territory of the bear market. S&P 500 drops by 17%and Dow The industrial average Jones is outside 15%.
However, losses are less steep if you start from Trump's inauguration or when the survey was carried out in mid -March. Yet two-day shares after the “day of liberation” will delete a market cap of $ 6 trillion and from the first days of the Covid-19 pandemic in 2020 meant the worst melting.
Sure, some managers have allegedly expressed concern About tariffs behind closed doors at earlier meetings with the President and his employees. But they remained in public to avoid the anger of Trump.
Yale School of Management Professor Jeffrey Sonnenfeld, which organized a March summit, said Magazine Saturday The best CEOs expressed his frustration, but they think that business groups should oppose tariffs or make a collective statement.
“They don't want to be a flash,” he said. “Then it becomes a personalized.”
Similarly, an unnamed member of the Board of the American Society said Financial times On Friday: “You don't want to be a barking dog for everyone else because you will be the one who will be shot.”
Another member of the Board of Directors said Ft The best approach is to privately lobby Trump and its advisor and say that tariffs will hit its main voters with higher prices and unemployment.
Part of it Business Roundtable said in his statement On Wednesday, that it supports Trump's goal of ensuring fairer trade agreements, but warned “universal tariffs ranging from 10 to 50% that US manufacturers, families and exporters will cause great damage.” ”
However, there may be signs of larger opposition from corporate America.
The advisor of Trump Elon Musk seemed to be on Saturday when Tesla CEO expressed hope for a The “zero tariff” system between the US and Europe This would create a “free trade zone”.
And formerly on Saturday, Musk Belittled White House of Official Peter Navarro, which was Reportedly a key character in tariff policyproposal X The fact that his Harvard title is a “bad thing” and that he never built anything.
Meanwhile technical journalist Kara Swisher Published on fibers On Friday, “Passel of highly profile technology and also finance leaders makes a trip to Mar-a-Lago to read Trump's riots-am the common sense-on-on-day tariff.”
She added that Musk was also in his cross parts for “his” idiot chain saw “and others”, which mentioned the drastic cuts of federal agencies that its effectiveness of the government is headed.
The White House and Tesla did not respond immediately to the request for comment.
On Sunday, the Minister of Finance Scott Bessnt gave No hint that Trump will retreat Of these aggressive tariffs and said there is no recession, despite prices on Wall Street in larger chances on a This year's decline.
IN Interview with NBC Meet the pressalso played a massive selection of stock as a short -term reaction.
“One thing I can tell you as a secretary of the Ministry of Finance, which I was very impressed, is the market infrastructure that we had a record volume on Friday. And everything works very smoothly, so American people can have great comfort,” he said.
This story was originally listed on Fortune.com
