WASHINGTON (AP) – President Donald Trump has recently embarked on a Middle East Tour. A private jet carrying Nvidia’s CEO has been seen leaving Air Force One in the region. Meanwhile, oil executives and bankers have continued to operate as American executives dropped everything, canceled long-standing commitments, and connected via Zoom for board meetings, reinforcing the image he aimed to project during his initial major travel abroad.
Trump’s returns to the White House have become as routine as the visits from American business leaders who now regularly speak at industry conferences.
The corporate titan is investing more time than ever into winning over the administration as part of a strategy to secure regulatory relief and exemptions from tariffs placed by trading presidents. He seems willing to use these executives as supporting characters in his narrative, especially while the economy faces slowing growth.
However, spending time with the U.S. President hasn’t shielded companies like Apple from Trump’s criticisms. Firms such as Amazon and Walmart find themselves subjected to Trump’s wrath, suggesting that their public commitments to job creation might be doing more to polish the President’s image than bolster their own profit margins.
Privately, the CEOs and executives traveling with Trump were astonished at how they morphed into unofficial members of the President’s travel party, hopscotching across the Gulf Coast during his visits to Saudi Arabia, Qatar, and the United Arab Emirates. They felt compelled to engage with Trump, particularly given his powers regarding tariffs.
“We believe the U.S. President is closing deals,” stated Ahmed al-Mandhari, CEO of the Cleveland Clinic Foundation, during work in Abu Dhabi alongside Trump. “Do you think Biden does this? I don’t think so. It’s crucial that I be a cheerleader for our country.”
Host nations and the White House organized business meetings to give Trump the platform to showcase his agreements during the trip. Business leaders signed partnership agreements and promoted mutual investments, reflecting Trump’s connections with the region’s elite and integrating networking opportunities with their roles.
Trump has shown he prefers to reward businesses aligning with him, promoting figures like Elon Musk’s Tesla, while penalizing organizations that oppose him, such as Amazon during his first term, alongside a growing list of law firms and educational institutions.
“We look forward to future interactions,” said Jeffrey Sonnenfeld, head of Yale University’s Chief Executive Leadership Institute. He remarked that CEOs’ actions may often seem casual but frequently yield better treatment and visibility from the government.
It’s not just American executives paying attention. Recently, French business leaders appeared in the Oval Office with Trump.
The President has introduced Trump to the families of three sheriff’s deputies from Palm Beach County, Florida, who were killed in the line of duty, leading to an acknowledgment from Tiffany & Co. and a thank you to Bernard Arnault’s luxury company LVMH for creating a “Medal of Sacrifice”.
While LVMH shares have plummeted this year due to tariffs affecting its operations spanning designer handbags to champagne, Trump was highly affable when he addressed Arnault’s son, Alexandre, about his company.
It’s not always clear how to attract Trump best
Compared to the Biden administration, CEOs from America’s largest companies feel a compulsion to maintain contact with Trump’s team. Nevertheless, consistent communication does not guarantee meaningful influence over the President.
Anonymous executives from various companies explained that it’s often unclear who within Trump’s circle can relay thoughts on tariffs, regulations, and taxation policies. Treasury Secretary Scott Pruitt has shown support for their priorities but hasn’t completely insulated businesses from Trump’s backlash.
Walmart CEO Doug McMillon participated in a pre-arranged call with Pruitt on Saturday but found himself in Trump’s crosshairs when the President accused America’s largest retailer of needing to “absorb” the costs of his tariffs on social media.
Trump has also criticized Amazon founder Jeff Bezos, who attended the inauguration, after reports surfaced that online retailers were contemplating highlighting Trump’s tariff costs on product lists. While Amazon was exploring competitive services against Temu and Shein from China, they ultimately chose not to pursue them.
General Motors, Ford, and Stellantis executives met with Trump to outline how his tariffs could hinder automation. Trump has offered several concessions for domestic vehicles with foreign components not covered by the US-Mexico-Canada trade agreement but continues to impose a 25% tax on imported steel and aluminum.
The President portrayed his tariff modifications as temporary solutions last April, assisting car manufacturers in boosting domestic production.
“We wanted to help them during this brief transition,” Trump remarked. “We didn’t intend to punish them.”
CEOs remain vigilant in their efforts to influence Trump
Trump has consistently lauded Apple for a $500 billion investment commitment in the U.S. However, the company is also gearing up to relocate more iPhone manufacturing to India in response to Chinese tariffs, indicating some frustration with the current circumstances.
While in Qatar, Trump revisited a discussion he had with Apple CEO Tim Cook, stating, “I treated you very well. You’re involved with $500 billion, yet I hear you don’t want to produce in India.”
In contrast, Jamie Dimon, CEO and chairman of JP Morgan Chase, aimed to sway Trump’s tariff policy through media appearances.
On April 9, Dimon addressed concerns about the markets on Fox Business Network’s “Mornings with Maria” as panic spread due to Trump’s tariffs, suggesting that the markets would stabilize if the President could negotiate a trade deal.
“Take a deep breath,” Dimon advised. “We’re negotiating trade deals. That’s the best we can hope for right now.”
This resonated with Trump, who later suggested he might reduce tariffs to 10% the same day, likely anticipating negotiations to unfold over the next 90 days.
“I just saw Jamie Dimon on Maria Bartiromo’s show this morning, and he was impressive,” Trump later commented.
Source: apnews.com