Overview

• At a Sept. 17 Yale School of Management session, dozens of top business leaders aired concerns in private, with many reluctant to speak publicly for fear of retaliation.
• A Yale CEO Caucus survey found 71% say tariffs have harmed their business and that the costs largely fall on U.S. consumers and importers.
• 62% said they do not plan to increase investment in U.S. manufacturing or infrastructure, citing tariffs, immigration policies and economic uncertainty.
• Executives objected to government interventions, pointing to a U.S. Steel “golden share” and requirements tied to overseas Nvidia chip sales.
• Roughly 80% said presidential pressure on the Federal Reserve is not in the nation’s long-term interest, with about 71% worried about the Fed’s independence.