President Donald Trump’s recent Middle East tour wasn’t just about diplomacy and geopolitics—it was also a high-profile showcase of the growing symbiotic relationship between his administration and America’s top business executives. Accompanying Air Force One on the trip were private jets carrying influential CEOs like Nvidia’s leader, alongside oil executives, bankers, and other corporate titans. These business leaders left behind their usual schedules, dropping long-standing obligations to join Trump’s entourage and take part in boardroom meetings, networking events, and business summits designed to bolster the economic image Trump is eager to project.
With Trump back in the White House, being seen with the president or invited to the Oval Office has become a key part of the strategic playbook for corporate America. CEOs and top executives are devoting more time and resources to cultivating relationships with the administration, viewing proximity to Trump as essential for gaining regulatory relief, navigating tariffs, and influencing policy. For Trump, these business leaders serve as living proof of his claims that the U.S. economy is thriving under his leadership—even as independent data points suggest a slowdown in growth.
Yet, the proximity to the president doesn’t guarantee immunity from his criticism. Even giants like Apple, Amazon, and Walmart have found themselves targets of Trump’s ire despite their public commitments to creating American jobs. This complex dance underscores how business endorsements often serve to polish the president’s image more than they shield companies from political volatility.
In private conversations during the trip, several CEOs expressed surprise at how quickly they became de facto members of the presidential entourage, their private jets following Air Force One across Saudi Arabia, Qatar, and the United Arab Emirates. Many noted that getting close to Trump felt less like a choice and more like a necessity—given his extensive use of tariffs and regulatory power as political tools.
“I’m just thinking we have a president of the United States doing the selling,” Trump said during a stop in Abu Dhabi, sharing the stage with Tomislav Mihaljevic, CEO of the Cleveland Clinic Foundation. He contrasted his approach with that of his predecessor, Joe Biden, emphasizing the importance of personally promoting American businesses abroad.
The host nations and the White House scrambled to organize business conferences and partnership announcements to support Trump’s diplomatic agenda. These events featured public endorsements from business leaders, deal signings, and mutual investment pledges, creating a performative atmosphere where commerce and politics intertwined. For the corporate attendees, these moments doubled as networking opportunities and a chance to curry favor with the administration, while also acknowledging the unexpected reality that maintaining good relations with the president is now part of their job description.
Trump’s favoritism is evident in the way he has championed certain companies, such as Elon Musk’s Tesla, while punishing others that don’t align with his interests. Amazon faced a barrage of criticism and trade hurdles during Trump’s first term, and a host of other institutions—from law firms to universities—have found themselves under scrutiny in his second. Yale’s Chief Executive Leadership Institute CEO Jeffrey Sonnenfeld described Trump’s style bluntly: “He wants the vanity of people coming in to kiss his ring.” Yet Sonnenfeld noted that this sycophantic approach often yields tangible benefits, including favorable government treatment and free publicity.
The phenomenon isn’t limited to American executives. During Trump’s recent visit, French luxury giant LVMH was represented in the Oval Office by Alexandre Arnault, son of Bernard Arnault. Trump thanked Arnault and his company for producing the “Medals of Sacrifice” awarded to the families of fallen Palm Beach County sheriff’s deputies. Despite the challenges LVMH faces from tariffs on luxury goods, Trump lavished praise on the French delegation, highlighting the international scope of his business diplomacy.
Comparatively, CEOs and executives have found themselves maintaining far more frequent contact with Trump’s team than they did under the Biden administration. However, this access has not always translated into influence. Many executives reported confusion over who in the Trump orbit could effectively communicate their concerns about tariffs, taxes, and regulations. Treasury Secretary Scott Bessent has emerged as a preferred conduit, but even that has not fully shielded companies from Trump’s public rebukes.
For instance, Walmart CEO Doug McMillon, despite holding a scheduled call with Bessent, became the target of Trump’s criticism on social media, where the president urged the retailer to “eat” the cost of tariffs. Similarly, Trump contacted Amazon’s Jeff Bezos to express displeasure over reports that Amazon was considering disclosing tariff impacts on product listings, although Amazon ultimately decided against implementing such a feature.
Auto industry leaders have also felt the push and pull of Trump’s trade policies. Executives from General Motors, Ford, and Stellantis met with the president to discuss tariff impacts on vehicle production. Trump offered limited relief by exempting domestic vehicles with foreign parts from certain tariffs but maintained 25% duties on imported steel and aluminum. The president framed these tariffs as a temporary measure to encourage domestic manufacturing, describing them as a “bridge” during a short-term transition.
Trump’s relationship with Apple highlights the complexity of balancing business interests with political priorities. While praising Apple’s $500 billion investment in the U.S., Trump also expressed frustration when the company planned to shift some iPhone production to India, a move partly influenced by the tariffs on China-made goods. “I said to him: ‘My friend, I treated you very good. You’re coming here with $500 billion, but now I hear you’re building all over India. I don’t want you building in India,’” Trump recounted during his Qatar visit.
In contrast, JPMorgan Chase CEO Jamie Dimon demonstrated a different kind of influence during this period. Amid market turmoil linked to tariff policies, Dimon publicly urged Trump to negotiate trade agreements, providing a calming voice that Trump credited with influencing his decision to reduce tariffs temporarily. “Take a deep breath,” Dimon advised during a Fox Business interview. “Negotiate some trade deals. That’s the best thing they can do.” Trump later acknowledged watching Dimon’s remarks and praised his insight.
This interplay between business leaders and the Trump administration underscores a broader trend: the blurring lines between corporate America and government under a transactional presidency. While some companies benefit from closeness to the administration, others find themselves in precarious positions, dependent on public favor and political whims.
As Trump continues to shape his legacy with these foreign trips and business alliances, the role of corporate America remains both pivotal and complicated. CEOs must navigate an evolving political landscape where influence requires not only economic clout but also savvy political engagement. For Trump, the alliance with big business is a central pillar of his economic narrative—a show of strength intended to reinforce his vision of American prosperity.
For the public and markets alike, this dance between politics and business will continue to be watched closely, revealing much about the future direction of U.S. economic policy, international relations, and corporate governance in an era defined by bold personalities and high-stakes diplomacy.
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