America's business chiefs appear to be bracing for the return of former President Donald Trump, as Republican voters appear certain to give him a third chance at the White House.

After Trump scored key victories in Iowa and New Hampshire over former U.N. ambassador Nikki Haley, the top choice of some major business figures, business leaders appeared to be changing their tune. Larry Harris, professor of finance at the University of Southern California and former SEC chief economist, said:

“Most senior businessmen I’ve talked to can’t stand this guy. They recognize that Trump is very dangerous to the United States. But no one wants to talk. Unless everyone acts at the same time, it will kill the first bird.”

Just two months ago, JPMorgan CEO Dimon was urging business leaders to support Haley. But earlier this month, at the World Economic Forum in Davos, Switzerland, he praised Trump's first-term policies.

Dimon said, "Truthfully, Trump was right about NATO to a certain extent, he was right about immigration, he got the economy going great, trade and tax reform worked, and I don't Like his take on Mexico, but he's not wrong on some key issues."

Dimon also defended Trump's supporters, urging President Biden and Democrats to "be mature" and face up to Trump's demands.

Blackstone Group Chairman and CEO Schwarzman also changed his attitude toward the former president. In November last year, the Republican mega-donor stood up against Trump, saying "it's time for the Republican Party to turn to a new generation of leaders." In Davos, however, Schwarzman did not rule out backing Trump again.

Asked whether he would support Trump in the election, he said, "My thought is, 'Let's see.' I'm not as far along as you'd like me to be, and we'll see what happens with these elections." It’s always unexpected.”

Anthony Scaramucci, who served as White House communications director under Trump, had often criticized the former president, but now he said, "I think Trump is good for the American economy and business."

Harris said most business leaders don't want to fight Trump alone. "Look at what former Republican presidential candidate DeSantis did to Disney. DeSantis has nowhere near as much power as Trump."

After Haley's narrower-than-expected victory in New Hampshire, Trump warned that any donor who supported the former United Nations ambassador would be "forever banned from the MAGA camp." He said:

“When I ran for office and won, I noticed that ‘donors’ to losing candidates would immediately come to me wanting to ‘help them,’ which is standard practice in politics, but I won’t do that again.”

The former president has also publicly railed against business leaders, especially on social media.

In late 2018 and early 2019, Trump repeatedly berated GM's CEO and at one point threatened to cut the automaker's electric vehicle subsidies after GM announced plans to lay off 15,000 people and close five plants.

He also called for a boycott of Goodyear in 2020 after the company banned its employees from wearing "MAGA clothing."

The Trump era is 'less stable'

While some companies could benefit from the former president's potential tax reform or deregulatory efforts, business experts say another Trump term would pose risks for big business.

Daniel Alpert, managing partner at investment firm Westwood Capital, said the Trump era "has proven to be less stable."

"Business interests are driven by stability, and that includes any form of stability, such as price stability, political stability, stable consumer demand, which allows them to plan and make profits," Alpert said.

Andrew Lokay, senior research analyst at Beacon Policy Advisors, also pointed out that the business community will have to consider the return of trade protectionism during Trump's second term. "He called for a universal tariff of 10% on imports from all countries, a move that would significantly withdraw the United States from the global economy."

Lokay also pointed out that given that the provisions of the Tax Cuts and Jobs Act are set to expire in 2025, if Trump is elected, he may once again implement large-scale tax cuts, further reducing personal and corporate tax cuts. Income Tax.

Alpert summed it up:

"I don't think there's a consensus on what's going to happen in the end. There are so many factors that could affect the outcome between now and the final election."

Article forwarded from: Golden Ten Data

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