The Indicator from Planet Money

Episode: Why isn’t corporate America standing up to Trump?

Date: January 28, 2026
Hosts: Waylon Wong & Maria Aspen

Episode Overview

This episode explores why corporate America has adopted a largely cautious, even deferential stance toward President Trump during his turbulent second term. After a year where the president has aggressively imposed policies affecting trade, immigration, executive compensation, and even targeted specific CEOs with lawsuits, the hosts investigate why so few business leaders are willing to push back—or if they’re even capable of doing so. The discussion blends colorful recent anecdotes with analysis from surveys and experts, and asks what the costs of silence might be for business and democracy alike.

Key Discussion Points & Insights

1. Trump’s Second Term: Disrupting the Corporate-Government Balance

• President Trump’s policies have blurred the traditional lines between business and government, raising costs for companies (trade wars, immigration crackdown), directly targeting their profits (demanding government cuts and stakes, capping interest rates and executive pay), and creating a volatile atmosphere for corporate leaders.
• “He’s also being kind of a bully about everything. Last week he even sued JPMorgan Chase and its powerful chief executive, Jamie Dimon.” – Waylon Wong (00:40)

2. Corporate America's Unusually Quiet Response

• Most CEOs and business leaders are refraining from public dissent, even as Trump’s actions impact their bottom lines and upend the free market system.
• "Billionaires and big tech CEOs are publicly competing to kiss Trump’s ring, while almost everyone else seems afraid to stand up for their companies or the broader US System of free market capitalism." – Maria Aspen (00:50)

3. The Davos Snub & Jamie Dimon's Drama

• Trump hosted a private reception for CEOs at the World Economic Forum in Davos, pointedly excluding some major CEOs, arriving over 90 minutes late, and offering only high tables:
  • "This is like a Jane Austen novel where there's very intense drama about who snubs whom at a party." – Waylon Wong (03:52)
  • "Waylon, are you saying President Trump is Mr. Darcy?" – Maria Aspen (03:57)
  • "He reminds me more of Lady Catherine de Bourgh." – Waylon Wong (04:00)

4. Jamie Dimon: The Rare Voice (and Target)

• Despite being relatively outspoken, Dimon's criticisms of tariffs and the proposed cap on credit card interest rates put him in Trump’s crosshairs.
  • [On tariffs] "Yeah, I'm taking a calm view, but I think it could get worse if we don't make some progress here." – Jamie Dimon (04:27)
  • [On interest rate caps] "It would be a economic disaster. I think it’s wrong for the government to get involved extensively in pricing of stuff, but you know, I gotta deal with the world." – Jamie Dimon (05:00)
• Trump responded by suing JPMorgan Chase and Dimon personally for $5 billion, ostensibly for accounts closed post-January 6, but widely perceived as retribution.
  • “He only filed the lawsuit after Jamie Dimon called one of his newer proposals an economic disaster and he sued Dimon personally.” – Waylon Wong (05:34)

5. Why Business Leaders Aren’t Speaking Up

• Fear of Retaliation: The visible blowback against Dimon is read as a cautionary tale by peers.
• Path of Least Resistance: Most CEOs opt for silence unless the issue directly and safely concerns their core interests.
  • "You don't want to say anything unless it's like, clearly, exactly in your core interest, in your core business, and at no risk." – Daniela Belew Ayres (06:22)
• Survey Data: 84% of business leaders are worried about the political and legal climate’s effect on their business, but few want to comment publicly.
  • “We're hearing this a lot from CEO surveys—in private, executives are pretty worried. In public, they don't want to talk about it.” – Maria Aspen / Co-host (06:51)

6. Short-Term Profits vs. Long-Term Risks

• Despite the turmoil, profit and the stock market are up, and many of Trump's tax and spending policies appear to benefit business—if he’s not targeting your sector.
• Some CEOs are cozying up to Trump, offering gifts and participating in White House events to curry favor.
  • “Take the big tech companies that are giving him fancy golden gifts and donating to his ballroom. Or showing up to a private White House screening of first lady Melania Trump’s new documentary…” – Waylon Wong (07:28)

7. Crony Capitalism Warning

• Some, including political commentator and Leadership Now Project head Daniela Belew Ayres, warn that such patronage can spiral into outright crony capitalism, where business success depends on personal favor with political leaders:
  • “Some American business leaders have been, from our perspective, naive about where that type of engagement with government can ultimately go.” – Daniela Belew Ayres (07:59)

8. White House Response

• An anonymous White House official dismissed concerns of crony capitalism, calling Trump’s policies typical “free market policymaking” for a Republican administration (08:32).

9. Reluctance Around Public Political Engagement

• Even before Trump’s reelection, companies had been seeking to avoid speaking out on political matters. Recent events (e.g., a federal officer’s shooting of Alex Preddy in Minneapolis) have forced corporate hands, with big companies issuing “very carefully worded” statements.
  • “Now, Minnesota CEOs have put out a very carefully worded letter calling for, quote, an immediate de-escalation of tensions.” – Waylon Wong (08:53)

10. The Long-Term Costs of Silence

• The hosts conclude by looking at the broader risks: right now, companies worry about the immediate consequences of confrontation, but avoiding public stances could harm their interests—and the economic system—over the long haul.
  • "Right now they're mostly focused on the costs of speaking up, but there are also long-term costs to staying silent." – Maria Aspen (09:16)

Notable Quotes & Memorable Moments

• On Trump's style:

  • "He reminds me more of Lady Catherine de Bourgh." – Waylon Wong (04:00)

• On CEO reluctance to speak up:

  • "You don't want to say anything unless it's like, clearly, exactly in your core interest, in your core business, and at no risk." – Daniela Belew Ayres (06:22)

• On crony capitalism:

  • “Some American business leaders have been, from our perspective, naive about where that type of engagement with government can ultimately go.” – Daniela Belew Ayres (07:59)

Timestamps for Important Segments

• Trump's disruptive business policies – 00:12-00:50
• CEO timidity and ‘kissing the ring’ – 00:50-01:12
• Davos drama & Jamie Dimon's interactions with Trump – 03:04-05:17
• Why CEOs stay silent (expert & survey) – 06:22-06:57
• Crony capitalism & White House viewpoint – 07:42-08:32
• Aftermath of Minneapolis incident & CEO public statements – 08:48-09:13
• Closing reflection on costs of silence – 09:13-09:29

Conclusion

This episode provides a sharp look at how corporate leaders are navigating a fraught and unpredictable political environment under Trump’s second term. Despite concerns about authoritarian tendencies and the erosion of market norms, pronounced public dissent remains rare—due both to fear of targeted retaliation and a calculation that silence, at least for now, serves business interests best. Yet, as the hosts and their guests warn, the costs of this calculated passivity may only become clear with time.