Former US President and Republican presidential candidate Donald Trump made a commitment to about a hundred business leaders during a commercial roundtable meeting held in Washington on Thursday, June 13. He pledged to further reduce taxes to 20%, decrease business regulations, and increase tariffs.
Media reports citing anonymous attendees stated that Trump spoke for about an hour during the meeting. He vowed to make the comprehensive tax law of the Republican Party from 2017 permanent and urged for the extension of key parts of the law, including the tax cuts for individuals and small businesses set to expire next year.
Trump told the attendees that “20%” is a good number. In 2017, the Trump administration lowered the corporate tax rate from 35% to 21%. Even a small reduction means billions of dollars in tax savings annually for profitable American companies.
The former president also promised business leaders that if he wins a second term, he will cut regulations. He criticized permit processes for projects related to energy and environmental protection, viewing them as another form of regulation or taxation. He also advocated for exempting tip income from federal taxes.
As arranged in the commercial roundtable meeting, Trump outlined his economic agenda in a “fireside chat” with former National Economic Council Director Larry Kudlow. Additionally, Trump criticized President Biden’s handling of global events, including the US withdrawal from Afghanistan, Russia’s full-scale invasion of Ukraine, and Hamas attacks on Israel.
The UK’s Financial Times quoted a corporate executive at the event as saying, “I think he appeared very composed, almost like a businessman, rather than as we sometimes see.” Another CEO present said, “This is the Trump we’ve seen and heard hundreds of times, but more subdued.”
In recent weeks, Trump has garnered increasing support from Wall Street tycoons, including hedge fund giant Bill Ackman, who stated they are likely to support Trump in this year’s presidential election.
In May, Blackstone Group’s CEO and co-founder Stephen Schwarzman revealed his support for Trump in 2024, citing it as a vote for change.
The Wall Street Journal reported at the end of May, citing sources, that if Trump returns to the White House by winning the November election, he may consider appointing Tesla CEO and billionaire Elon Musk as a policy advisor.
In addition, President Biden’s Chief of Staff Jeff Zients delivered a speech to attendees of the commercial roundtable meeting earlier that day. Zients told executives that Biden is committed to collaborating with the private sector to develop the economy and detailed legislation passed by Biden after his election that will introduce subsidies and infrastructure projects in the coming years.
When asked about immigration issues, Zients stated that resolving the issue of undocumented immigrants through a bipartisan agreement and increasing legal immigration is a top priority for the second term. Regarding questions about the Chinese Communist Party, he said the President is not seeking a trade war but will take targeted actions with allies to protect American industry.
The Business Roundtable, a corporate advocacy organization led by former White House Chief of Staff Joshua Bolten during the Bush administration, hosts quarterly meetings for CEOs. Before each US election, the Business Roundtable invites two presidential candidates to speak to its 200 CEO members.
Approximately 100 business leaders attended the event, including Jane Fraser of Citigroup, Tim Cook of Apple, Brian Moynihan of Bank of America, and long-time JPMorgan Chase CEO Jamie Dimon.