The most anti-business President in modern history

From tariffs to tantrums, Trump’s policies punished the very economy he claimed to save.

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Donald Trump loves to call himself the businessman president. He brags about his deal-making, about his instincts, about being the only one who “gets it.” To his supporters, this is the core of his political identity: the idea that America needs a CEO, not a politician.

But if you actually look at his record, the story is very different. Far from running the country like a business, Trump has governed in ways that hurt businesses, scare investors, and undermine the very idea of free markets. Behind closed doors, CEOs admit it plainly: Donald Trump is the most anti-business president in modern history.

Tariffs, the Fed, and Crony Capitalism

Trump sold global blanket tariffs as a tool to bring back American manufacturing, a way to force companies to “buy American” and rebuild factories here at home. The reality has been almost the exact opposite. Tariffs raise prices for U.S. companies that rely on parts from overseas. A manufacturer who needs imported steel or electronics does not suddenly find a domestic supplier just because Trump raises taxes at the border. Instead, they pay more. That means cutting into profits or passing the costs onto customers. Supply chains have been thrown into chaos, projects delayed, and investment decisions postponed.

Then there is Trump’s treatment of the Federal Reserve. Every serious businessperson understands that the Fed’s independence is sacred. The point of monetary policy is that it should not be dictated by political pressure. Stability comes from knowing decisions are made on the basis of economics, not politics. Trump shattered that tradition. He spent years publicly attacking Fed leaders, demanding lower interest rates, and threatening to fire or replace anyone who did not fall in line. The more Trump treated the Fed like a personal subordinate, the more investors wondered if the U.S. dollar could still be trusted as the global reserve currency.

At the same time, Trump has been steadily moving away from capitalism as Republicans have long defended it. Instead of letting markets determine winners and losers, he has pushed the country toward something closer to state-directed capitalism. We have seen the government float the idea of taking equity stakes in private companies, forcing revenue-sharing agreements, and blocking mergers for political reasons. Decisions are not based on efficiency or innovation. They are based on loyalty. The winners are the firms that pledge allegiance to Trump, not the ones that actually build better products or provide better services.

Policy Whiplash and Inflation

One of the most destructive features of Trump’s presidency has been the constant policy whiplash. One week there is a tariff. The next week it is lifted. Then it is back again. Entire industries are left in limbo. Imagine trying to build a factory or launch a new product when tomorrow morning’s tweet could flip the rules upside down. That kind of environment does not foster growth. It creates paralysis. Businesses do not know whether to invest, to hold back, or to pack up and move elsewhere.

Tariffs drive up costs, but Trump does not stop there. At the same time, he pressures the Fed to slash interest rates. Put those two policies together and you have the perfect recipe for stagflation: rising prices at the grocery store paired with sluggish growth. For businesses, this is the worst of both worlds. They face higher costs for materials and labor, while customers cut back spending. Profit margins shrink from both directions. Growth stalls.

America’s Lost Credibility

All of this erodes America’s most valuable economic asset: credibility. For decades, the United States was the gold standard for investors. Contracts were reliable. The rules were consistent. Political interference was limited. You could trust that tomorrow’s business environment would look a lot like today’s.

Trump has upended that. Investors now see an America where the rules are arbitrary, where contracts depend on one man’s mood, where the playing field tilts according to personal loyalty. That is not the America that attracted investment and powered growth. That is the kind of instability businesses run from.

The Silence of the CEOs

And here is the most telling part. CEOs know this. They talk about it privately in boardrooms and closed-door forums. They admit Trump’s policies are making things worse. But almost none of them say it out loud.

Why? Because they have seen what happens when you cross him. Suddenly there is a boycott, a barrage of social media attacks, or a federal investigation. Stock prices tank. Reputations are dragged through the mud. For most executives, the risk just is not worth it. So they smile in public, flatter him when necessary, and keep their real opinions behind closed doors.

The Record That History Will Remember

And that is the final irony. Trump calls himself the businessman president. He sells himself as the one man who can cut through the nonsense and run America like a company.

But history will not remember him that way. History will remember tariffs that punished U.S. companies. Attacks on the Fed that undermined trust in the dollar. Loyalty tests that warped capitalism into cronyism. Policy whiplash that froze investment. Rising prices paired with shrinking growth. And a climate of fear where CEOs were too intimidated to speak the truth.

This is not the record of a pro-business president. It is the record of the most anti-business president in American history.

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