Donald Trump, speaking during a campaign rally at the Landers Center Arena in Southaven, Miss., on Oct. 2, 2018.
A recent CNBC report reveals that former President Donald Trump failed to impress top CEOs at the Business Roundtable’s quarterly meeting on Thursday, June 13, 2024. Attendees expressed disappointment over the lack of coherence and substance in Trump’s remarks.
One CEO, overheard by a source, remarked, “Trump doesn’t know what he’s talking about.” The executive criticized Trump for not providing concrete plans for his policy proposals, a sentiment echoed by several other CEOs who described his performance as “remarkably meandering.”
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“He was all over the map,” reported Andrew Ross Sorkin on CNBC’s “Squawk Box.” Business leaders were particularly concerned about the absence of detailed plans on critical issues like reducing taxes and cutting business regulations.
The meeting, intended to be confidential to promote open discourse, revealed a shift in sentiment among the CEOs. Many, initially supportive of Trump, left the meeting with reservations. Sorkin noted, “These were people who might have been predisposed to support Trump but walked out of the room less predisposed.”
In contrast, Steven Cheung, communications director for the Trump presidential campaign, painted a different picture. “President Trump was warmly received by everyone in the room and was commended for his policy proposals on deregulation and tax cuts,” Cheung claimed, adding that there was applause during the Q-and-A session.
However, this upbeat portrayal was not shared by the attendees who spoke to CNBC. They described Trump’s energy as notably subdued, a stark contrast to his earlier animated interactions with House Republicans on Capitol Hill.
One CEO suggested that Trump’s low-key demeanor at the Business Roundtable might have been intentional, aiming for a “business meeting” atmosphere rather than a speech. Yet, this approach failed to resonate with many business leaders present.
A particularly memorable exchange involved Trump’s discussion on reducing the corporate tax rate from 21% to 20%. When asked why he chose 20%, Trump reportedly responded, “Well, it’s a round number,” leaving many CEOs shaking their heads.
This meeting occurs amid a challenging business environment under President Joe Biden’s administration, marked by aggressive antitrust enforcement, pharmaceutical price caps, and progressive tax policies. In 2023 alone, corporate income taxes contributed approximately $420 billion to federal revenues, according to the Congressional Budget Office.
Despite efforts to reassure business leaders, Trump’s performance at the Business Roundtable raised doubts among the CEOs, highlighting a critical moment in his ongoing engagement with the business community.
