What business thinks of Donald Trump

CEOs are split between hope for reforms and concern over controversial executive actions

These are emotional days in the US c-suite. From fear to excitement, from optimism to outrage: Donald Trump provokes feelings corporate America has not felt for a president in decades.

Here’s a record of reactions from chief executives across a range of industries, including technology, finance, media and manufacturing.

Technology

Amazon

Jeff Bezos, chief executive

©AP

What he said

“No nation is better at harnessing the energies and talents of immigrants,” Mr Bezos told staff after Mr Trump’s executive order on immigration. “It’s a distinct competitive advantage for our country – one we should not weaken.” Early in Mr Trump’s campaign, in December 2015, the executive behind Blue Origin’s rockets responded to an attack from the candidate by teasingly offering to "#sendDonaldtospace”. Just 11 months later, he was tweeting his election congratulations, saying: “I for one give him my most open mind and wish him great success in his service to the country.”

Why he said it

Mr Trump often targeted Amazon on the campaign trail, accusing it of not paying enough taxes, and alleging that Mr Bezos, who owns The Washington Post, was using the paper for political ends.

In early January, Amazon said it would create 100,000 new full-time jobs in the US over the next 18 months, in an unprecedented press release that appeared to be a response to Mr Trump’s calls for more US jobs. But the company has also been one of the most vocal opponents of Mr Trump’s immigration crackdown, and is supporting a Washington State lawsuit challenging the legality of the executive order.

Apple

Tim Cook, chief executive

©Bloomberg

What he said

The head of the world’s most valuable company spoke out against the Trump administration’s executive order on immigration, saying it was “not a policy we support”. After all, Apple’s co-founder Steve Jobs was the son of a Syrian immigrant. “In my conversations with officials here in Washington this week, I’ve made it clear that Apple believes deeply in the importance of immigration – both to our company and to our nation’s future,” Mr Cook said in an internal memo. However, Apple also stands to benefit from proposed Republican tax changes that could let it bring back more than $230bn in overseas cash. Mr Cook is “optimistic” about tax reform in 2017, saying repatriation would be “good for the country and good for Apple”.

Why he said it

As one of Silicon Valley’s most vocal champions of diversity and civil rights, Mr Cook’s statesmanship will be put to the test under the new administration. In December, he met Mr Trump with other Silicon Valley executives, and in January he had dinner with Jared Kushner, the president’s senior advisor. Before the election, Apple was in Mr Trump’s firing line over its stance on encryption, where the iPhone maker put customers’ privacy and security ahead of national security interests, and its reliance on overseas manufacturing. Designed in California but made predominantly in China, the highly profitable iPhone is at risk of being used as a political football by both the US and Chinese governments.

Facebook

Mark Zuckerberg, chief executive

©AFP/Getty Images

What he said

Mr Zuckerberg said he is “concerned” by the impact of the executive orders on immigration. In a Facebook post, he wrote that his wife Priscilla Chan’s parents were refugees from China and Vietnam. “Had we turned away refugees a few decades ago, Priscilla’s family wouldn’t be here today.” He added that he believed the President should keep protections in place for Dreamers, undocumented immigrants brought in as children, saying he had taught some in a local middle school. “They are our future too. We are a nation of immigrants, and we all benefit when the best and the brightest from around the world can live, work and contribute here.”

Why he said it

Mr Zuckerberg focused on pushing the President to keep the door open for refugees, using his family as an example, rather than arguing for more highly skilled immigration that could benefit the industry.

At Facebook, he is introducing measures to fight fake news, responding to concerns about how quickly false stories spread on the social network during last year’s US election campaign.

Google

Sundar Pichai, chief executive

©AP

What he said

“We’re upset about the impact of this order and any proposals that could impose restrictions on Googlers and their families, or that could create barriers to bringing great talent to the US,” Mr Pichai wrote to Google employees in one of the first Silicon Valley responses on the travel ban. “It’s painful to see the personal cost of this executive order on our colleagues. We’ve always made our view on immigration issues known publicly and will continue to do so.”

Why he said it

The understated Mr Pichai, himself an immigrant from India, typically avoids public conflict. But like other tech leaders he has been propelled to take a strong line on immigration by an outpouring of anger from his company’s workforce. In one sign of the unrest, employees at Google’s eight US campuses walked off the job on Monday to stage a rally against the travel restrictions. Personal opposition reaches to the top of the company: Google co-founder Sergey Brin, whose parents left Russia when he was a child to escape anti-semitism, joined the impromptu demonstration at San Francisco International airport on Saturday evening as anger over the White House order boiled over.

Microsoft

Brad Smith, president

©Reuters

What he said

“The suspension of admission creates a significant burden on US companies contrary to the country’s national and economic interests,” Mr Smith wrote in a letter urging the president to set up an exemption programme for US visa holders hit by his immigration order. Serious economic consequences could result from the order, he warned.

Why he said it

Mr Smith said 76 Microsoft employees had been directly affected by the executive order, including parents who were travelling outside the US at the time and were unable to return to their children. His letter proposed that people with a valid work or student visa, and their dependants, should be allowed to apply for exemptions if they have compelling personal needs or business reasons. Tech companies are also braced for the possibility of further confrontation if the president restricts the work visas on which they rely to recruit software engineers.

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Elon Musk

chief executive, Tesla Motors, SpaceX

©AFP/Getty Images

What he said

Mr Trump “is probably not the right guy” for president, the entrepreneur told CNBC just before the election, but he subsequently joined a White House business advisory group. “The more voices of reason that the President hears, the better," he told Gizmodo: "Simply attacking him will achieve nothing. Are you aware of a single case where Trump bowed to protests or media attacks? Better that there are open channels of communication.” Calling Mr Trump’s immigration order “not the best way to address the country’s challenges”, he asked followers on Twitter to suggest amendments for him to “present to President”.

Why he said it

Mr Musk has pushed for a carbon tax to help combat climate change. Tesla benefitted from tax breaks for both the company itself and buyers of its cars under the Obama administration that could now be under threat. Some have speculated that Mr Trump may also push for a mission to Mars, something Mr Musk has long targeted with his SpaceX rocket company. Mr Musk was appointed to Mr Trump’s business advisory group and has met with the Trump team twice since the election.

Uber

Travis Kalanick, chief executive

©Financial Times

What he said

Mr Kalanick quit the President’s business advisory council on February 2, after calling the executive order on immigration “wrong and unjust” and pledging that Uber would compensate drivers who were unable to work as a result of it. He had initially pledged to use the forum to “stand up for what’s right” on immigration issues, but told employees: “Joining the group was not meant to be an endorsement of the president or his agenda but unfortunately it has been misinterpreted to be exactly that."

Why he said it

Two of Mr Kalanick’s deputies came to the US as refugees, but the company came under intense pressure over his role on Mr Trump’s business advisory council. On inauguration day, protesters chained themselves to the front door of Uber’s office building in San Francisco. In late January, a campaign to #deleteUber went viral across social media, urging passengers to stop using Uber to express their opposition to Mr Trump’s immigration policies.

Financial

Bank of America

Brian Moynihan, chief executive

©Bloomberg

What he said

Mr Moynihan said he saw “increasing optimism” through the summer and autumn into the election, both on the consumer and commercial side. “As I go out and visit these [small business] clients, they’re very optimistic,” he said. “They think policies will be supportive of growth in their businesses. And they are facing all the things that we face. Can they find the good employees? Can they find the final demand? But I think, overall, the optimism is very strong, and we’re seeing it translate into some loan balances.”

Why he said it

Bank of America had a decent fourth quarter, seeing profits rise almost 50 per cent after a post-election surge in trading and historically low charge-offs in its retail bank. But like the other big US banks, it is hopeful that there is better to come, if Mr Trump holds true to his promise of reigniting growth through gentler regulation. Even if the president does not follow through on a pledge to “do a number” on Dodd-Frank, the main piece of post-crisis rulemaking, he is likely to insist that the new heads of regulatory agencies take a step back to review the overall environment. Did the pendulum swing too far, after the crisis? Is it time to cut the banks some slack?

Berkshire Hathaway

Warren Buffett, chief executive

©AFP

What he said

The long-time Democrat campaigned vociferously for Hillary Clinton, but has shrugged off “apocalyptic views” of the future under Mr Trump. At a rally in August, Mr Buffett attacked Mr Trump for failing to release his tax returns and for sparring with the Muslim father of a US soldier killed in Afghanistan. “Have you no decency, sir?” he asked then. After the election, however, he said he hoped Americans would “coalesce” around their president, and he said he would advise Mr Trump if he called - as every citizen should.

Why he said it

At 86 years, the legendary investor is taking the long view. He was buying US shares before the election, when he expected his favoured candidate Hillary Clinton would win, and he kept on buying after the election. The US economy will remain robust and social progress will continue over the long run, he told Columbia University students on January 27, implying that the country could survive any stresses Mr Trump puts on the system.

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Citigroup

Mike Corbat, chief executive

©Bloomberg

What he said

Citi’s chief has spoken at length about the administration’s approach to trade - and the outlook for Mexico, where the bank has its largest retail operation outside the US. Before the presidential inauguration, he seemed broadly supportive. “Early to tell, but the stance the administration is taking is workable from what we’ve heard,” he said. “If there are things, whether it’s Mexico or elsewhere in the world, that aren’t fair, they should be reexamined.” Since the President took office, however, Mr Corbat has criticised the executive order that restricts immigration. He told staff the bank was “concerned about the message the executive order sends, as well as the impact immigration policies could have on our ability to serve our clients and contribute to growth.”

Why he said it

Citi is trying to reassure investors about its exposure to Mexico as concerns have risen about what the Trump administration will mean for the country’s economy. It has said it remains committed to a pre-election plan to plough $1bn into its Mexico business, Citibanamex. Still, Mr Corbat’s critical comments about the immigration restrictions suggest he is willing to risk antagonising the new administration if he feels it necessary. As the most global of the big US banks, Citi potentially has a lot to lose from rising nationalism and protectionism.

Citizens Financial Group

Bruce van Saun, chief executive

©Bloomberg

What he said

Most of the bank’s customers are mid-market, with up to $500m in annual revenues, Mr van Saun told the FT last month. “They’re not the largest, but there’s a renewed sense of optimism that a change in administration combined with a Republican Congress means a pro-growth agenda and a more business-friendly environment.” The new cabinet, he said, “is a very eclectic mix of people. It goes a little bit with Trump’s style; he wants to surround himself with people with diverse views. He’ll look for the best athlete; there are no preconceived views going on.” "He’s picked adults of stature; if he can get everybody to work together, they’ll make good decisions.”

Why he said it

Shares in Citizens have risen more than a third since the election, as Mr Trump’s promises of stronger growth, lower taxes and lighter regulation have prompted investors to pile back in to the US banking sector – some of them for the first time since the financial crisis. The Rhode Island-based bank has been getting its cost base in order, having cut itself free from its former owner, Royal Bank of Scotland, via an IPO in October 2014. Now it is positioned to benefit from a pick-up in confidence among consumers and small businesses, says Mr Van Saun.

Intercontinental Exchange

Jeff Sprecher, chief executive

©Todd Rosenberg Photography

What he said

“It appears that this particular president is actually going to try to implement what he said he was going to do,” Mr Sprecher told a Miami conference on January 30, noting that Mr Trump’s new cabinet members were being ordered to make their agencies “better, faster, cheaper, easier.” He added: “He seems to be somewhat fearless in marching through the commitments he made, notwithstanding backlash from the press and other naysayers.”

Why he said it

ICE, based in Atlanta, owns exchanges including an oil bourse in London and the New York Stock Exchange. Obama-era curbs on banks’ risk-taking have weighed on volumes and a revival of “animal spirits” in capital markets could boost its business. There is also the prospect that some rules proposed during the Obama years are scrapped, although in some ways ICE benefited from reforms such as the Dodd-Frank Act of 2010 - through mandates to hold derivatives contracts at clearing houses, for example.

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JPMorgan Chase

Marianne Lake, chief financial officer

©Bloomberg

What she said

Remarking on the so-called Trump trade after the US election, including an increase in bond-trading revenues, Ms Lake said: “We’d expect that to continue. It’s much more interesting for our clients to trade around a moving yield curve and rates above zero.”

Why she said it

Shares in the big US banks rocketed after Mr Trump won the election, promising to unleash a new era of higher interest rates, lower taxes and lighter regulation. All that should be good for profits, whether demand for loans and other services actually picks up or not. So far, the signs are good. During the fourth quarter earnings season many CEOs said they had sensed a pick-up in confidence among consumers and small businesses since Mr Trump’s victory. They also celebrated a revival of trading in bonds, as investors reshuffled portfolios to take account of promises of stronger growth and higher interest rates.

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Seacoast Banking Corp

Dennis "Denny" Hudson, chief executive


What he said

“The most significant [Trump] effect, is the optimism on the part of our small business customers, the people we talk to every day. We’re very connected to small businesses across the state and we see them interested in taking risk again and expanding their businesses. I’m feeling it viscerally as I talk to customers… I think it’s just a belief that there is a renewed freedom to act, a belief that the regulatory pendulum may be swinging back in the other direction.”

Why he said it

With regard to hopes of deregulation for Seacoast, Mr Hudson said, "We’ve never felt an undue amount of regulation as a community bank. I know I’m in a minority, but I’d disagree, frankly regulation has been quite reasonable. I haven’t felt particularly burdened. We’re in a regulated industry, we have this incredible benefit called government guarantees on deposits, we damn well should be regulated.”

Media & telecommunications

21st Century Fox

Lachlan and James Murdoch, chairman and chief executive

©Getty Images

What they said

“21CF is a global company, proudly headquartered in the US, founded by - and comprising at all levels of the business - immigrants. We deeply value diversity and believe immigration is an essential part of America’s strength,” Lachlan and James Murdoch said in response to Mr Trump’s executive order on immigration.

Why they said it

Rupert Murdoch is more commonly associated with Fox News, the cable news channel loved by many Trump voters, and the conservative views of the Wall Street Journal editorial pages. But the family patriarch has expressed moderate views on immigration in the past, tweeting in July 2015 “Trump wrong” about Mexican migrants. His sons have also voiced more liberal political views. Fox News scored its best year in 2016 with coverage of the election.

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AT&T

Randall Stephenson, chief executive

©Bloomberg

What he said

Mr Stephenson was effusive in his praise of Mr Trump on a quarterly earnings call with investors, having met with him shortly after he was elected. “I got to tell you - I was impressed,” he said. “I was meeting with a CEO. It was obvious.” Mr Trump has a “very specific agenda,” according to Mr Stephenson, which includes tax and regulatory reform. “I would tell you that the man, the President is focused on these. And so I left with a degree of optimism that this could actually be pulled off this year.”

Why he said it

AT&T last year agreed to pay $85.4bn for Time Warner, the content group behind HBO and CNN, and it will fall to Mr Trump’s administration to approve or block the deal. During his election campaign, Mr Trump identified the deal as “an example of the power structure I’m fighting” and said his administration would block the transaction because “it’s too much concentration of power in the hands of too few”.

Mr Trump has not commented publicly on the deal since his election, although his relationship with CNN, which he regularly describes as “fake news”, has worsened in recent weeks.

Netflix

Reed Hastings, chief executive

©AFP/Getty Images

What he said

The Netflix chief was quick to criticise the travel ban proposed by Mr Trump. In a Facebook post on January 28, he said: “Trump’s actions are hurting Netflix employees around the world, and are so un-American it pains us all. Worse, these actions will make America less safe (through hatred and loss of allies) rather than more safe. A very sad week, and more to come with the lives of over 600,000 Dreamers here in a America under imminent threat. It is time to link arms together to protect American values of freedom and opportunity.”

Why he said it

Netflix has expanded into most international markets in recent years and now has more than 93m subscribers in 190 countries. Mr Hastings had not criticised Mr Trump or his administration prior to his comments about the new travel restrictions.

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Carlos Slim

founder of América Móvil & Grupo Carso

©Bloomberg

What he said

At a rare press conference called after Mr Trump’s immigration ban and executive order to build the wall, Mr Slim told the audience not to worry, saying the new president was trying to strengthen his negotiating hand. “Trump is not ‘Terminator’,” he said. “He’s ‘Negotiator’… The worst thing to do is to get angry. He may be provoking to negotiate."

Why he said it

Mr Trump has not targeted Mr Slim’s companies but his threats to rip up the North American Free Trade Agreement could be devastating for Mexico. Mr Slim initially said Mr Trump’s mooted 35 per cent tariff on companies producing in Mexico “would destroy” the US economy. Despite a pre-Christmas dinner with Mr Trump to bury the hatchet, Mr Slim plans to launch a TV channel “by Mexicans, for Mexicans” in the US in the next few months.

Manufacturing

Boeing

Dennis Muilenburg, chief executive

©AFP/Getty Images

What he said

On an earnings call in January, Mr Muilenburg said: “I give (President Trump) a lot of credit for reaching out and directly engaging, he’s listening … I am encouraged by that dialogue, I think direct open dialogue is productive." After meeting with Mr Trump in December after the president-elect criticised Boeing on Twitter, Mr Muilenburg said: "I’ve got a lot of respect for him. He’s a good man. And he’s doing the right thing.”

Why he said it

Boeing has been in Mr Trump’s Twitter crosshairs over the cost of the new Air Force One presidential aircraft, so Mr Muilenburg has little to gain by antagonising him. But he has even found reason to praise Mr Trump’s habit of singling out individual companies by tweet: he says he likes the “engagement”, and likes feeling US industry has “a voice at the table”. The Boeing CEO’s comments are notably more effusive than those of others, even in the defence industry, which hopes for a spending boom under Mr Trump. Notably, Boeing has kept silent when others are criticising Mr Trump’s immigration policy.

General Electric

Jeff Immelt, chief executive

©Bloomberg

What he said

In a message posted on the GE employee blog, Mr Immelt commented on Donald Trump’s immigration crackdown, saying: “We have many employees from the named countries and we do business all over the region. These employees and customers are critical to our success and they are our friends and partners. We stand with them and will work with the US Administration to strive to find the balance between the need for security and the movement of law abiding people.”

Why he said it

Since 2009, GE has announced the creation of more than 19,000 jobs in the US. It has little reliance on US government spending, but has been one of the largest users of financing from the US’s Export-Import Bank. It also does business in countries around the world where relations with the US could be a factor in winning orders. It is seeking regulatory approvals for its plan to take a 62.5 per cent stake in Baker Hughes, which analysts have suggested should not create particularly significant concerns about competiton.

Honeywell

David Cote, chief executive

©EPA

What he said

“The thing that has impressed me is the change in the animal spirits among business, small and large," said Mr Cote early last month. "There is no doubt about it — a sense of optimism is there. I really think it needed the spark of the election … right now the feelings are better than I’ve seen them in a long time”

Why he said it

Mr Cote has been one of corporate America’s most upbeat voices on the subject of a “Trump bump” in economic confidence. He’s a plainspoken man, and since he is retiring in March, he may have little to lose from speaking his mind. Honeywell has much to gain from lower corporate taxes, easier profit repatriation, and business-friendly policies. Honeywell would suffer if President Trump triggers a global trade war, but as a net exporter, it is less likely to find itself the target of a Presidential tweet about jobs. So Mr Cote is optimistic - but he’s not betting on a boom yet.

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Lockheed Martin

Marillyn Hewson, chief executive

©Bloomberg

What she said

On a recent earnings call, Ms Hewson said about her meeting with President Trump: “President Trump wants to make sure that the American taxpayer is getting the (F-35 fighter aircraft) at the lowest possible cost and we understand his concerns about affordability. We have had a very good dialogue. He asked excellent questions.”

Why she said it

Defence contractors have everything to lose, and nothing to gain, by criticising their primary customer, the US government. Lockheed needs to tread particularly carefully, since Mr Trump has singled it out for criticism of the cost of its F-35 fighter jet. Ms Hewson is a reserved personality, not given to excessive praise or criticism. She thinks Mr Trump is a man she can do business with, even without the aid of flattery. Only time will tell whether her low-key approach will pay off.

United Technologies

Greg Hayes, chief executive

©Bloomberg

What he said

“I got a call from President-elect Trump…And he simply said: ‘Look, Greg - I need you to relook at the decision to close the Indianapolis factory of Carrier’. He said: ‘We’re gonna do a lot of things in this country … When all that happens you’re gonna be printing money, but I need you to relook at your decision to close the factory in Indiana’."

Why he said it

United Technologies was the first target in what became a Trump Twitter onslaught against global corporations moving jobs to Mexico. And Mr Hayes was the first CEO to back down in the face of it, scrapping a Mexico plant of United Technologies’ Carrier unit, and keeping several hundred jobs in the US. That allowed Mr Trump to declare a crucial early jobs victory to blue collar voters who put him in office. Mr Hayes claimed victory too, saying he thinks Mr Trump will be good for the economy.

Consumer

Coca-Cola

Muhtar Kent, chief executive

©AP

What he said

In a statement after the immigration ban, Mr Kent said: "The Coca-Cola Company is resolute in its commitment to diversity, fairness and inclusion, and we do not support this travel ban or any policy that is contrary to our core values and beliefs. As a US company that has operations in more than 200 countries and territories, we respect people from all backgrounds and greatly value the diversity of our global system’s more than 700,000 associates.”

Why he said it

Coca-Cola has a global supply chain and sells products in nearly every country in the world. Mr Kent himself is the New York-born son of a Turkish diplomat who was raised in Iran and Turkey, among other countries.

Dow Chemical

Andrew Liveris, chief executive

©Bloomberg

What he said

When appointed in December to Mr Trump’s American Manufacturing Council, Mr Liveris said: "I tingle with pride listening to you… You are paving the way with your administration, with your policies, to make it easier to do business in this country. Not a red tape country, but a red carpet country for American businesses. America first, as you said. That’s what we have to do.”

Why he said it

Mr Liveris has been a longstanding champion of manufacturing in the US, even writing a book on the subject called Make It In America. Dow is working on securing regulatory approval for its $140bn merger with DuPont, which it aims to complete by the end of June. The deal has raised concerns in the US and the EU about its potential impact on competition, particularly for agricultural chemicals and related products.

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Johnson & Johnson

Alex Gorsky, chief executive

©AFP

What he said

Mr Gorsky, one of two healthcare chiefs to have joined Mr Trump’s manufacturing jobs council, said he would emphasise the “important role that pharmaceuticals play in overall healthcare”. He called on Mr Trump and Republican lawmakers to preserve key parts of the Affordable Care Act, as the new president sets about scrapping his predecessor’s signature healthcare reform. “We are advocating for important elements like increased access, coverage of pre-existing conditions, and coverage of young people on their parents’ health plan to continue,” Mr Gorsky said.

Why he said it

Many investors expected the President to take a more lenient approach to high drug prices than Hillary Clinton, who made the soaring cost of medicines a campaign theme. But Mr Trump disabused them of that notion at his first press conference after the inauguration, when he accused the industry of “getting away with murder”. Most pharma executives could have lived with fiery rhetoric were it not for his pledge to “start bidding for medicines”. Analysts interpreted his remarks as a sign that he intends to enable Medicare, the government-funded programme for retirees that is the world’s biggest buyer of prescription drugs, to start negotiating prices directly with manufacturers.

Nike

Mark Parker, chief executive

©Getty Images

What he said

“Nike believes in a world where everyone celebrates the power of diversity. Regardless of whether or how you worship, where you come from or who you love, everyone’s individual experience is what makes us stronger as a whole,” Mr Parker wrote to employees after Mr Trump’s executive order on immigration, saying it threatened those values. “Nike stands together against bigotry and any form of discrimination,” he said.

Why he said it

The largest maker of athletic gear in the world could be significantly affected by import tariffs as most of its trainers and apparel are made overseas. The company had been a vocal proponent of the Trans Pacific Partnership, which would have reduced tariffs on the trainers it makes in Vietnam, and had promised to create 10,000 jobs in advanced manufacturing in the US should the TPP become law. One of Mr Trump’s first executive actions was to pull the US out of the TPP.

PepsiCo

Indra Nooyi, chief executive

©AFP

What she said

Ms Nooyi felt Trump supporters’ wrath following downbeat remarks at a New York Times event. She said she was misquoted but acknowledged she had misspoken in saying that “all” her employees were “mourning”. She also raised concerns about the impact of protectionism on international businesses.“Because we fly the American flag and are domiciled in the US… what I worry about is that there might be discrimination against American companies overseas if there is protectionism in the US,” she said. “I’m sincerely hoping that the talk that we heard from our president-elect on the day after the election, what we heard before the election and what we’re going to see in action is quite different, that it is more measured, that it is sensitive to the trade deals that we have already, that we want to build this country the right way going forward, and not retreat into isolationism or whatever.”

Why she said it

Ms Nooyi has joined Mr Trump’s Strategic and Policy Forum to advise on economic matters, and has not commented on his executive order clamping down on immigration. The impact of import tariffs on consumer goods groups depends greatly on the extent to which these companies import raw materials, ingredients or parts for their final products. Procter & Gamble, for example, said its net imports to the US total just 5 per cent, so it does not expect any tariffs the Trump administration imposes on goods and materials being shipped into the country to hit it dramatically. Yet a company importing foreign beer and spirits could be hit by an increase in import tariffs, particularly if the idea of taxing Mexican imports to pay for a wall on the US’ southern border becomes a reality.

Starbucks

Howard Schultz, chief executive

©Getty Images

What he said

“We will neither stand by, nor stand silent, as the uncertainty around the new Administration’s actions grows with each passing day,” Mr Schultz wrote after Mr Trump’s immigration executive order, saying Starbucks was enthusiastically behind work to support ‘Dreamers’ - undocumented immigrants who arrived in the US and are seeking permanent legal status - and was developing plans to hire 10,000 refugees over five years around the world. The day after the election, he sought to calm any concerns staff might have about Mr Trump’s rhetoric, writing that he respected the democratic process but was “stunned” by the outcome. “We cannot know what the precise impact will be on our country and the rest of the world. I am hopeful that we will overcome the vitriol and division of this unprecedented election season,” he said.

Why he said it

Mr Schultz is one of the more vocal American CEOs when it comes to talking politics and endorsed Hillary Clinton last year. Hacked emails released by WikiLeaks revealed that his name was even being tossed around as a potential running mate for the Democratic candidate. Should warnings of import tariffs become a reality, the cost of purchasing Starbucks’ single most-important ingredient - coffee - wil rise considerably. That would have to be passed on to consumers at a time of stiff competition from independent coffee shops at one end, and fast-food chains like McDonald’s at the other. But like other companies, Starbucks stands to benefit from any reduction in corporate tax.

Walmart

Doug McMillon, chief executive

©Reuters

What he said

Walmart executives have not commented publicly on the election or the policy changes Mr Trump promised before the election or has introduced through executive orders since becoming president. However, two congressional aides told the FT that the retailer sent top tax executives to Capitol Hill to warn that Republicans’ import tax proposal would have a marked effect on its business. One aide said the company was estimating conservatively that it would have to increase prices for clothing and electronics by 20 per cent. Walmart declined to comment. Mr McMillon has joined Mr Trump’s ‘Strategic and Policy Forum’ of Wall Street executives and corporate CEOs.

Why he said it

The biggest issue President Trump has raised for the retail industry is the prospect of tariffs slapped on imports. Companies such as Walmart, which accounts for about 9 per cent of all US retail spending, rely heavily on sales of goods from T-shirts to electronics that are produced cheaply in countries such as China. Fashion chains, already struggling in a highly competitive environment where stores are shutting across the country, could face painfully higher costs, the National Federation of Retailers has said.

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Automotive

Fiat Chrysler

Sergio Marchionne, chief executive

©Reuters

What he said

Mr Marchionne has described Mr Trump’s election as a “game changer” for the industry, and has been the only carmaker to public in saying that he may be forced to close Mexican plants in the event of significant trade barriers. But after an audience at the White House he raised questions over how likely it was that Mr Trump would implement some of the tax changes he has promised, saying: “There’s no doubt that the full delivery of the set of financial and economic parameters that President Trump has raised are overall positive for FCA…[but] it’s very difficult, even after the meeting that I attended, I’m unsure as to what part of that package if any is going to get rolled out.”

Why he said it

FCA announced $1bn of investment in Ohio and Michigan plants and suggested it could repatriate heavy pick-up truck manufacturing from Mexico. This week he said the company was “willing to follow the President”, but required tax incentives to move the work. Why? Chrysler has major manufacturing plants in Mexico. By placating Mr Trump with new US jobs, fresh investment and warm words, he may be hoping to avoid a full-blown trade war that would force FCA to take the costly task of dismantling much of its Mexican manufacturing operations.

Ford Motor

Mark Fields, chief executive

©Reuters

What he said

Mr Fields became the first of the US carmakers to criticise Mr Trump’s immigration order, saying the move opposed the company’s values. “Respect for all people is a core value of Ford Motor Company, and we are proud of the rich diversity of our company here at home and around the world,” Mr Fields said. His comments diverge from the tone of his comments after meeting with Mr Trump on the Monday after his inauguration. "On (Mr Trump’s) first day, in his first meeting, focusing on manufacturing and focusing on jobs sent a very strong signal to every manufacturer across the US… we are excited about working together with the president… to really create a renaissance in American manufacturing. I think he’s going to be good for our industry, I think he’s going to be good for the economy.”

Why he said it

Ford was one of the earliest targets of candidate Trump’s vitriol about moving jobs to Mexico. Mr Fields held out for a while, then made a key strategic concession aimed at allowing the president to claim victory: he scrapped plans for a $1.6bn factory in Mexico – and subsequently became one of President Trump’s most vocal corporate cheerleaders. But he drew the line at Mr Trump’s immigration policy. Ford’s headquarters is in an area with a large population of Arab origin and the company’s profitable pickup trucks sell well in the Middle East.

General Motors

Mary Barra, chief executive

©Bloomberg

What she said

Ms Barra said: “When you look at our industry and General Motors specifically, how much we already contribute to jobs… (our business is) very complex from a supply chain perspective, high capital investment and long lead times…that’s what we want to make sure is understood and I think that voice will be heard.”

Why she said it

While other automakers were courting President Trump, repackaging investment plans to make them look like victories for his job-creation agenda, Ms Barra kept trying to explain to him that the auto industry does not work that way: factories must be planned long in advance. Then in mid-January, she reversed course, issuing a press release claiming to be adding 7,000 new jobs (most already planned) and emerging from a White House meeting with Mr Trump sounding upbeat. Auto executives have little choice: Mr Trump has them over a barrel with the threat of tariffs.

Transport

Kansas City Southern

Pat Ottensmeyer, chief executive

©Bloomberg

What he said

“There’s a lot of risk for both the US and Mexican economies, if any future trade negotiations are not handled very thoughtfully, which I’m sure they will be,” Mr Ottensmeyer told analysts on January 20. “I believe that any modification in Nafta can and will be done in a rational way that will likely strengthen North America’s economy and KCS’ future.”

Why he said it

Mr Trump’s plans to rework trade deals present risks to US railroads handling international freight. A renegotiation of Nafta could hurt the Missouri-based carrier, which hauls cargoes such as car parts and grain south to Mexico and finished cars and shipping containers north to the US.

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Developed by Claire Manibog, Joanna S Kao and Lauren Leatherby