Trump drafts America's business titans to burnish his image at home and
abroad
[May 21, 2025] By
JOSH BOAK and ZEKE MILLER
WASHINGTON (AP) — President Donald Trump isn't the only one who wrapped
up a Middle East tour in recent days. A private jet carrying Nvidia's
CEO trailed Air Force One across the region. Oil executives and bankers
followed, too, as American executives dropped everything — canceling
longstanding obligations and zooming into board meetings back home — to
cozy up to Trump and bolster the image he tried to sell on his first
major foreign trip.
With Trump back in the White House, a jaunt with the president or a stop
in the Oval Office is now as routine for America's business leaders as a
speech to an industry conference.
Corporate titans are spending more time than ever working to curry favor
with the administration as part of their effort to score relief from
regulations — and tariffs — from the transactional president. He, in
turn, is happy to use them as supporting cast members as he tries to
project the economy as booming at a time when growth is slowing.
But putting in time with the U.S. president has not fully insulated
companies such as Apple, Amazon, Walmart and others from Trump's anger.
It's a sign that the public commitments they make to create U.S. jobs
may be doing more to burnish the president's image than to protect their
own profitability.
In private, CEOs and executives on Trump’s trip marveled at how they
came to be unofficial members of the president's traveling party, their
private jets hopscotching across the Gulf as Trump visited Saudi Arabia,
Qatar and the United Arab Emirates. They said they had little choice but
to get close to Trump, especially as he wields his tariff powers.
“I’m just thinking we have a president of the United States doing the
selling,” Trump said in Abu Dhabi, standing alongside the CEO of the
Cleveland Clinic Foundation, Tomislav Mihaljevic, and working in a dig
at his presidential predecessor, Joe Biden. “You think Biden would be
doing it? I don’t think so. But I think it's so important. I have to be
a cheerleader for our country.”
The host countries and the White House pulled together business
conferences in a matter of weeks to give Trump a stage to show off his
dealmaking on the trip. Business leaders signed partnership agreements
and touted mutual investments almost as a performance for Trump and the
region's powerful ruling elites, while using the opportunity to network
and share their mutual bemusement that this was now part of their job
portfolio.
Trump has demonstrated that he steers business to those who ingratiate
themselves to him — look no further than his promotion of Elon Musk’s
Tesla — and punishes those who don’t, like Amazon during Trump’s first
term and law firms, universities and a growing list of institutions in
his second.
“He wants the vanity of people coming in to kiss his ring,” said Jeffrey
Sonnenfeld, CEO of Yale University’s Chief Executive Leadership
Institute. He said the behavior by CEOs, while obsequious, often
resulted in better treatment and free publicity from the government.
It's not just U.S. business people paying heed. On Monday, a French
executive turned up in the Oval Office with Trump.
The president thanked Bernard Arnault's French luxury company LVMH for
the “Medals of Sacrifice” made by its subsidiary, Tiffany & Co., as
Trump presented them to the families of three sheriff’s deputies from
Palm Beach County, Florida, who were killed in the line of duty.
LVMH stock has fallen this year as tariffs threaten a business that
sells everything from designer handbags to champagne. But Trump had only
the fondest of praise as he told Arnault's son, Alexandre, who was
representing the company: "Thank you very much, Alexandre. I appreciate
that you came. He came all the way from France."
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President Donald Trump speaks, seated between Kelly Ortberg
President and CEO of Boeing, left, and Larry Culp, CEo of GE
Aerospace during a business roundtable, Thursday, May 15, 2025, in
Doha, Qatar. (AP Photo/Alex Brandon)
 It's not always clear how to best
engage Trump
Compared to the Biden administration, CEOs and executives at
America's most powerful companies have felt obligated to stay in
frequent contact with Trump's team. But the contact isn't a
guarantee of meaningful influence with the president.
Executives at multiple companies, insisting on
anonymity to describe private interactions, said it wasn't always
clear who in Trump's orbit could best relay their views on tariffs,
regulations and taxes to the president. Treasury Secretary Scott
Bessent has emerged as their preferred go-between, but that hasn't
completely immunized the companies from attacks by Trump.
Walmart CEO Doug McMillon had a previously scheduled call on
Saturday with Bessent, only to separately become the target of
Trump's ire in a social media post in which the president said
America's largest retailer should “eat” the cost of his tariffs.
Trump in April called Amazon founder Jeff Bezos, who had attended
his inaugural, after a report that the online outlet was considering
displaying on product listings the impact of Trump's tariffs on
prices. Amazon had explored the possibility for its Amazon Haul
service, which competes against China-founded discounters Temu and
Shein, but had chosen not to do so.
The heads of General Motors, Ford and Stellantis met with Trump to
outline how his tariffs would disrupt automaking. Trump gave them
some reprieves on domestic vehicles with foreign parts not covered
by the U.S.-Mexico-Canada trade agreement, but he still has a 25%
tax on imported steel and aluminum.
The president portrayed his tariff changes last April as a temporary
bridge so that automakers would increase production domestically.
“We just wanted to help them during this little transition, short
term,” Trump said at the time. “We didn’t want to penalize them. ”
CEOs are still figuring out how to influence Trump
Trump repeatedly praised Apple after its $500 billion commitment for
investments in the United States. But the company also plans to
shift more iPhone production to India in response to the China
tariffs — and that has frustrated Trump.
Speaking in Qatar, Trump recalled a conversation with Apple CEO Tim
Cook: “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.'”
By contrast, JP Morgan Chase CEO and Chairman Jamie Dimon ended up
influencing Trump's tariff policies by going on TV.
The banker on April 9 was interviewed on Fox Business Network's
“Mornings with Maria" as financial markets were panicking because of
Trump's tariffs. Dimon said markets would improve if Trump could
negotiate trade agreements.
“Take a deep breath," Dimon said. "Negotiate some trade deals.
That's the best thing they can do.”
His statements resonated with Trump, who pulled back his tariffs
later that day to a baseline 10% so that negotiations could occur
for 90 days.
Trump later recounted, “I watched Jamie Dimon on Maria Bartiromo’s
show this morning, and he was very good."
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