Uncertainty is the general mood not only among many segments of the U.S. population, but specifically among the CEOs of the largest companies operating in our country.

This is how Professor Jeffrey Sonnenfeld, of the Yale School of Management and founder of the Chief Executive Leadership Institute, sees it: the real support of CEOs for Trump is fragile, conditional and, in many cases, non-existent. In an interview with Foreign Policy on Monday, March 24, Sonnenfeld shared his impressions after the Yale Caucus 2025 in which President Trump participated. There, a survey was conducted with nearly 100 leaders of companies such as JPMorgan, Pfizer, Dell and American Airlines, revealing a picture of concern, discomfort and, in some cases, alarm.

After Trump's re-election in November 2024, many CEOs felt a moment of relief. They expected deregulation, tax cuts and a pro-business agenda. "They got that enthusiasm such whether it was the relaxation of tax issues or regulatory easing," Sonnenfeld explained.

But that honeymoon was short-lived. The reality was more chaotic than they anticipated. "It also had to do with the enormous volatility that proved problematic," he said. What executives envisioned as a strategic and orderly economic policy agenda quickly turned into a roller coaster of contradictory and social media announcements and threats of trade retaliation with key partners such as Mexico and Canada.

The Yale meeting, which took place at a Chief Executive Leadership Institute facility in Washington, was attended by CEOs from a wide range of industries. Approximately 60% identified themselves as Republican. Their survey revealed the following: 67% believe the Trump administration will be bad for the economy; 85% oppose his approach to tariffs; 94% fear these tariffs will increase inflation; and 85% believe the current uncertainty in the U.S. government benefits China.

The contradiction does not go unnoticed. As Sonnenfeld himself describes it, throughout his two presidential campaigns, "Trump didn't get diminished support. He got zero support. Not a single major CEO, not a single Fortune 100 CEO supported Donald Trump." This seemed to change at the beginning of this new term, but contradictions, unfulfilled announcements and the impact of measures taken such as increased tariffs, made many businessmen recoil.

One of the most disconcerting points for the business sector is the political and emotional use of tariffs. Although many executives recognize that the United States faces structural problems in international trade, they expected targeted measures. "They thought these would be specific strategic tariffs, not general issues," Sonnenfeld said.

Instead, Trump has launched generalized tariff threats, including against allied countries such as Canada, Mexico or Colombia. This policy has generated an environment of permanent uncertainty. President Trump seems to change his mind very often: a CNBC correspondent during the meeting was reading updates on Truth Social every few minutes, evidencing how the president was rectifying in real time what he had previously stated.

Fear of speaking out

Despite their discomfort, many CEOs opt for silence. Sonnenfeld shared that nearly half of respondents would only speak out publicly if the market dropped 20%. An additional 20% would wait until the drop was 30% before taking a position.

Why so careful? The fear of retaliation is real. Trump has already singled out and punished companies for decisions he does not like. In his previous term, it was the case of Harley-Davidson, which moved part of its production to Thailand to evade tariffs imposed by Europe in response to Trump's policies. The result: falling sales, plummeting stock prices and the forced departure of its CEO, Matt Levatich.

Throughout the interview, Sonnenfeld emphasized something that breaks with common perception: CEOs have, in many cases, been braver than other social sectors when facing unpopular or morally questionable government decisions. "CEOs have been the bravest voices in American society," he said.

While universities, unions and religious organizations have retreated behind a supposed "institutional neutrality," CEOs have taken clear positions on issues such as voting access, systemic racism or corporate diversity.

"They believe in the rule of law, not the rule of rulers. So this is what they're really concerned about," he explained.

National security

Institutional deterioration is also a concern. Eighty-five percent of CEOs surveyed see political uncertainty as an opportunity for China. Seventy-five percent believe there is a national security tipping point that could force them to act collectively.

Sonnenfeld explained that the firing or departure of thousands of key employees at the Pentagon, FBI, CIA or USAID, as well as the elimination of strategic offices such as the one that monitors foreign interference, are leaving the United States in a position of critical vulnerability.

In addition, business leaders feel the country is losing prestige: "They are embarrassed with their international partners...as we seem to have mistaken our allies for our adversaries," Sonnenfeld said.

For years, U.S. companies were perceived as ambassadors of democratic values around the world. Brands such as Coca-Cola, Levi's or McDonald's were symbols of freedom for many countries in transition. But today, that prestige is in question.

Sonnenfeld warned about the decline of US economic and commercial "soft power" in the face of growing global doubts about US ethics. The suspension of regulations such as the Foreign Corrupt Practices Act or indifference to authoritarian regimes undermines the moral coherence of companies.

What next?

Sonnenfeld concluded that while many CEOs have a desire to preserve their principles, they cannot do it alone. They need to act as a bloc, as they did in 2017 when they left Trump's corporate boards.

"The lesson is clear: act collectively or be destroyed individually," he explained.

And while the image of CEOs meeting with Trump may suggest otherwise, what many of them are thinking privately is a mixture of alarm, frustration and strategic resignation.