When a mob of Donald Trump’s supporters attacked the US Capitol on January 6 2021, many business leaders who had backed the outgoing president finally threw in the proverbial towel. Blackstone’s Stephen Schwarzman called the assault “appalling”, and investor Nelson Peltz said he was “sorry” for voting for the incumbent. The remorse of wealthy donors appeared to be evidence of the end of Trump.
But “Teflon Don” has bounced back. So, too, has the support of America’s tycoons. Peltz and Schwarzman say they will support him again. Magnates who funded Trump’s primary competitors, such as Bill Ackman, appear to have fallen behind him. Even traditionally liberal Silicon Valley moguls are offering their support. Though their rationales vary, many say, in essence, that Trump will be “good for business”.
That stance, however, ignores the major business risks posed by a second term. Trump and his advisers have unleashed a litany of vague policy pronouncements, many of which — if taken seriously — threaten to undermine basic functions of the US economy.