Infamous for his business background, Donald Trump had a multifaceted relationship with various American business figures during his presidency. His attempts to stimulate the economy, such as cutting corporate tax, garnered both hope and contention.
Trump’s approach emphasized deregulation, earning him both supporters and opponents within the business sector. His tenure, marked by significant market changes, undeniably impacted the American business landscape.
Top business magnates such as Steve Mnuchin, Gary Cohn, and Wilbur Ross held key positions in his administration, a testament to Trump’s commitment to running the country akin to a corporation. This practice, however, did cause controversy due to potential conflicts of interest.
Notable for his pro-business mindset, Trump tirelessly worked towards slashing federal regulations and orchestrating large-scale tax code revisions despite opposition from the Democrats. The unprecedented changes in the tax structure, which included a drastic reduction in corporate tax, were applauded by many within the business community.
However, the harmony didn’t last.
Trump’s multifaceted role in American business
Despite a lucrative past in business and real estate, Trump’s tenure was scattered with controversies that sparked division within the Republican ranks. His unpredictable demeanor and controversial assertions often ignited fervent debates. Yet, Trump’s impact on American politics remains indelible, as he managed to break norms and conventions unlike any of his predecessors.
Business leaders initially welcomed Trump’s presidency, as exemplified by the numerous CEO meetings and tax cuts announced during his first week in office. However, his policies’ unpredictability and controversial remarks soon began to strain these alliances.
The widely criticized ‘Unite the Right Rally’ in Charlottesville, Virginia, in August 2017 marked a watershed moment, resulting in dwindling support for Trump within the business community. Post this incident, the corporate sector saw an abrupt withdrawal of backing for Trump’s administration due to a significant shift in attitudes.
