'Plutocracy' Debunked: CEOs under Trump Are Pawns, not Kings

Business leaders are afraid to oppose policies destroying their businesses because they fear further political punishment.

According to a popular view on the political left, businessmen want to control the government and our lives in service of their profits. So when a businessman like Donald Trump becomes president it might seem to confirm their worst fears about “plutocracy.”

But since Trump assumed office, not many CEOs resemble “plutocrats.” If anything, they’ve been treated as pawns, not kings.

A recent eye-opening Wall Street Journal story tells of a March 11 meeting of CEOs of major corporations, during which news broke that Trump was placing massive new tariffs on Canadian steel and aluminum.¹ In that closed-door setting, the CEOs are reported to have responded with shock and concern. The organizer of the meeting polled the attendees: 70 percent were concerned about the economic effect of the tariffs; 80 percent reported “apologizing” to international contacts for Trump policies.²

CEOs should know how Trump’s tariffs have wreaked havoc on their businesses. Retailers like Walmart, Target, and Home Depot have had to negotiate discounts from overseas suppliers or shift production to new countries.³ Others have had to work overtime to craft contingency plans in the face of uncertainty about supply chains. Others have just absorbed the costs and accepted lower profits. Leaving aside importers, exporters like Tesla now worry they may face retaliatory tariffs on their products.

Yet following the March 11 meeting, many of the same CEOs shuttled to a meeting later that day with President Trump himself. That meeting was “cordial” and without “pointed questions” about tariffs. Few CEOs have spoken out publicly about them: according to the meeting poll, 44 percent of them would not speak out until stocks fell 20 percent; 22 percent, not until stocks plunged 30 percent.⁴

If CEOs know these tariffs are threatening their own businesses, why don’t they speak up? Why are these “plutocrats” so passive?

The author of the Journal report offers a simple explanation: “They’re scared. They’re worried they’re going to be targeted, they’re worried their businesses are going to suffer.”⁵

Indeed, they have much to fear. Tim Cook, CEO of Apple, has to worry about the antitrust suit filed against his company by the Biden administration, but which Trump has not dropped. Jamie Dimon of JPMorgan Chase and Jan Fraser of Citigroup have to worry about the bill in Congress inspired by Trump’s idea to cap interest rates on credit cards.⁶ Mary Barra of GM has to worry about the renewal of steel tariff exemptions at the end of the month. Trump is now reported to have threatened that automakers would be punished if they raise prices to pass on the cost of the tariffs to consumers.⁷ All of these CEOS could be audited by the IRS. Mark Zuckerberg even has to worry about Trump’s threat that he could “spend the rest of his life in prison” simply for sponsoring voter turnout programs.⁸

In the face of all this, while noting how CEOs have failed to stand up to Trump, The New Republic had the gall still to call them “plutocrats.”⁹ But the array of threats faced by business leaders shows that the “plutocracy” charge is a fantasy that helps the left evade facts that contradict their narrative.

Perhaps some uncompetitive businessmen (or perpetually bankrupt ones like Trump) have lobbied for power or won it for themselves. But they, like so many other envious activists (and the voters who support them), have sought this power to rule over actually productive businesses they’d like to hobble or exploit.

Obviously, politicians have been manipulating and exploiting business long before the Trump administration. Indeed many business leaders supported Trump in self-defense, hoping (and not on the basis of any solid track record) that he would provide relief from their persecution by Biden, hoping for various tax cuts and deregulations. But without making any concerted effort to dismantle the system that powers these controls, a regulatory regime entrenched across decades, Trump inherits Biden’s power to control and intimidate businesses. Trump might loosen the shackles somewhat for those who supplicate themselves, beg for mercy, and otherwise pay fealty. All the rest fear him.

Many businessmen who’ve sought relief from the controls of both parties tried to get it by donating money to political candidates, sometimes from both sides, to try to gain an audience with the winners to negotiate favorable terms. But, doing this regularly is akin to paying ransom to hostage takers. It incentivizes repeated victimization.

To end this cycle of abuse, intimidated CEOs need a new strategy.

When they aren’t free to speak up, they should at least stop trying to bribe their political hostage-takers and consider supporting those who champion on moral principle the freedom of business leaders to create wealth and pursue happiness. Those of us who appreciate the value they add to our lives should stand up as well. And we should all push back against the pathetic leftist fantasy that we are ruled by “plutocrats.”

This article was first published in The Hill on April 2, 2025.

1. Chip Cutter and Lauren Thomas, “CEOs Don’t Plan to Openly Question Trump. Ask Again If the Market Crashes 20%,” Wall Street Journal, March 12, 2015.

2. [ii] Maria Aspan, “Why CEOs are calm about tariffs in public — but ‘very discouraged’ in private,” NPR.org, March 14, 2025.

3. [iii] Hannah Miao and Sarah Nassauer, “Big Retailers’ Hardball Tariff Playbook: Haggle, Diversify, Raise Prices,” Wall Street Journal, March 17, 2025.

4. Chip Cutter and Lauren Thomas, “CEOs Don’t Plan to Openly Question Trump. Ask Again If the Market Crashes 20%.”

5. What’s News (podcast), “Trump’s Economic Messaging Spooks CEOs. Why Are They Keeping Quiet?,” WSJ.com, March 12, 2025.

6. Rob Copeland, “Trump Promised a Cap on Credit Card Interest Rates. Here’s His Chance,” New York Times, February 4, 2025.

7. Josh Dawsey and Ryan Felton, “Trump Warned U.S. Automakers Not to Raise Prices in Response to Tariffs,” Wall Street Journal, March 27, 2025.

8. Alex Isenstadt, “Trump claims Zuckerberg plotted against him during the 2020 election in soon-to-be released book,” Politico.com, August 28, 2024.

9. Timothy Noah, “Trump’s Plutocratic Pals Are the Nation’s Biggest Cowards,” NewRepublic.com, March 14, 2025.