Overview

• At a closed-door Yale gathering, 71% of surveyed leaders said tariffs have harmed their companies, with costs falling largely on U.S. consumers and importers.
• 62% said they do not plan to increase spending on domestic manufacturing or infrastructure because the policy outlook keeps shifting.
• Attendees criticized moves they view as state intervention, citing a government 'golden share' in U.S. Steel and revenue-sharing tied to Nvidia chip exports, along with federal stakes in Intel and MP Materials.
• On monetary policy, 80% said President Trump’s pressure on the Federal Reserve is not in the nation’s long-term interest and 71% said Fed independence has been weakened.
• While the White House highlights big investment pledges from firms like Apple, Nvidia and major drugmakers, many CEOs voiced their concerns only in private out of fear of retaliation.