In a bid to secure the support of the American business community ahead of the November election, White House Chief of Staff Jeff Zients, representing Republican presidential candidate Trump (Trump) and Democratic presidential candidate Biden, met with top executives in Washington on Thursday, June 13th.
The meeting drew numerous industry leaders, with prominent figures such as Jamie Dimon of JPMorgan Chase & Co., Jane Fraser of Citigroup Inc., Brian Moynihan of Bank of America Corp., and Tim Cook of Apple Inc. reportedly in attendance, as per information quoted by Bloomberg News.
While Biden was invited to participate, he was absent from the meeting with business leaders as he was in Italy attending the G7 summit.
Organized by the Business Roundtable, a forum aimed at advancing business-friendly policies, the meeting brought together 200 CEOs, including some of America’s most prominent chief executives.
With the election drawing near, both Trump and Biden are increasingly focusing on attracting the support of financially powerful and influential corporate CEOs. According to a May Reuters/Ipsos poll, 44% of registered voters believed Trump’s economic plan was superior, while 33% supported Biden’s economic strategy.
On Thursday, Trump also met with Republican lawmakers, indicating that he has not been significantly impacted by his conviction, and as the presumptive nominee for the Republican Party, he continues to enjoy the support of American business elites.
Bloomberg reported that the presence of banking industry leaders alongside the former president at the event underscores this point, with an estimated 100 executives attending the gathering.
According to Reuters, Trump, together with his former National Economic Council director and conservative commentator Larry Kudlow, took the stage for a “fireside chat.”
Other CEO members expected to attend include Adena Friedman of Nasdaq Inc., Chuck Robbins of Cisco Systems Inc., and Steve Squeri of American Express Co.
On Thursday morning, Biden’s campaign team delivered a clear message, criticizing Trump’s economic proposals and past experiences in a statement showcasing the economic improvements during the Democratic presidency.
Following the meeting, Trump’s economic advisor Stephen Moore stated that the former president “conveyed a very pro-business message,” emphasizing tax cuts and regulatory reductions for businesses.
With just five months left until the November 5th election, the competition between Biden and Trump is intense, with stark differences on many significant economic issues.
Biden has positioned environmental protection as a core component of his economic plan, implementing measures to encourage the purchase and use of electric vehicles and halting the approval of new projects for liquefied natural gas exports in January.
While Trump has at times lacked specifics, he has criticized measures aimed at accelerating the transition of the U.S. economy away from fossil fuels, repeatedly asserting that electric vehicles are not viable.
During his term, Trump reduced the corporate tax rate from 35% to 21%. Biden proposes raising the maximum tax rate for large corporations to 28%, below historical levels but higher than the current rate.
Both candidates extensively use tariffs to protect American industry, with Trump proposing a 10% tariff on all imported goods.
Trump campaign spokesperson Karoline Leavitt stated, “President Trump’s ‘America First’ economic plan will bring tax cuts for the middle class, record regulatory cuts, fair trade, abundant energy, low inflation, higher wages, and a restoration of the rule of law in America.”
Traditionally, the Business Roundtable invites major presidential candidates to give speeches in election years. However, Trump’s presence highlights the warm reception he receives from business figures, particularly as many companies distanced themselves from Trump and his supporters following the events at the U.S. Capitol on January 6, 2021.
In the weeks following the attack, several major corporations stated they would no longer donate to federal politicians who denied the legitimacy of the 2020 election, although many companies seem to have quietly backtracked on this commitment since then.
Many executives and wealthy donors have expressed disappointment in Biden’s performance on inflation, regulation, and foreign policy, choosing to believe that Trump is better equipped to manage the economy.
Business magnates such as Miriam Adelson, Stephen Schwarzman of Blackstone Group, and hotel tycoon Robert Bigelow have publicly announced their support for Trump.