On Trade Policy, Trump Is Listening to CEOs
Even as Americans have suffered under Donald Trump’s tariffs, it’s only the complaints of CEOs that have led him to change course — a perfect example of oligarchy at work in the United States.

President Donald Trump delivers remarks during the swearing-in ceremony for Securities and Exchange Commission chairman Paul Atkins in the Oval Office at the White House on April 22, 2025, in Washington, DC. (Chip Somodevilla / Getty Images)
Donald Trump embarked on a trade war with China expecting it might cause a recession that would throw Americans out of work, warning that it would cause “some pain” — despite public surveys showing Americans are afraid of what the tariffs would do to their personal finances, and even as they are already causing job losses and economic suffering for workers and farmers. None of it seemed to have any impact on the president’s decision-making.
But one group of Americans has had their concerns about the tariffs heard and attended to by the White House: CEOs and donors.
From the start of Trump’s chaotic tariff rollout, Trump has paid attention, and sometimes wildly changed course on trade policy after listening, to a variety of Wall Street titans and corporate executives — even granting them special, private audiences to air out their concerns.