Corporate executives convened at the recent Yale CEO Caucus where a survey was conducted regarding when they should express concerns about President Donald Trump, citing a 20% decline in the stock market as the tipping point for most. The Nasdaq and Russell 2000 have already reached bear market status, with the S&P 500 approaching similarly difficult territory.
CEOs have generally refrained from openly criticizing President Trump’s tariff policies, but recent substantial losses in the stock market could prompt a different stance. During the Yale CEO Caucus, top executives participated in an impromptu poll to determine the market conditions that might lead them to collectively voice apprehensions about Trump’s decisions. According to the Wall Street Journal, the responses indicated that 44% would speak out after a 20% drop, 22% after a 30% decline, 10% following a 50% crash, while 24% felt it was not within their role to do so.
The method for determining the market loss starting point was not specified in the poll. Certain metrics have shown stocks reaching or approaching the 20% threshold. The Nasdaq and Russell 2000 have fallen more than 20% from their yearly highs, reaching bear market levels, with the S&P 500 down by 17% and the Dow Jones Industrial Average declining by 15%.
These market slumps appear less severe if measured from Trump’s inauguration or the time of the poll in mid-March. Nonetheless, the two-day market plunge post “Liberation Day” resulted in a $6 trillion loss in market capitalization, marking the worst downturn since the early pandemic period in 2020.
While some executives have reportedly expressed concerns over tariffs in private discussions with the president and his staff previously, public criticism has been minimal, with caution against provoking Trump. Jeffrey Sonnenfeld, a Yale School of Management professor who organized the March summit, mentioned to the Journal that top CEOs conveyed their frustration to him, urging trade groups to oppose tariffs more aggressively or issue collective statements. The leaders, he noted, were reluctant to become focal points of controversy.
An anonymous board member from a US company told the Financial Times that taking a leading dissenting role could make one vulnerable to backlash. Another board member suggested that a prudent approach involves privately asserting to Trump and his advisers that tariffs could negatively affect his core supporters through increased costs and unemployment.
The Business Roundtable expressed support for Trump’s objectives to secure fairer trade agreements in a statement, but cautioned that universal tariffs ranging between 10-50% may significantly harm American manufacturers, workers, families, and exporters.
There are indications of potential opposition from Corporate America. Elon Musk, a Trump adviser, appeared to diverge from the administration’s trade policy, advocating for a “zero-tariff” system between the US and Europe to establish a “free-trade zone.” Additionally, Musk criticized White House official Peter Navarro on X, questioning his academic background and contributions.
Tech journalist Kara Swisher mentioned on Threads that prominent technology and finance leaders are planning to meet with Trump at Mar-a-Lago to discuss the tariffs. She also noted that Musk is criticized for his aggressive policy cuts across federal agencies.
The White House and Tesla have not provided immediate comments. Treasury Secretary Scott Bessent, during an interview with NBC’s Meet the Press, did not indicate any retreat from the aggressive tariff measures and mentioned that a recession is not inevitable, despite Wall Street anticipating a potential economic downturn this year. He downplayed the recent stock market crash as a temporary reaction, highlighting the robustness of market infrastructure amid record trading volumes.
This report was initially published on Fortune.com.
