Even before all the rioters had been cleared out of the US Capitol on January 6, 2021, American business groups sought to make their disapproval of the unfolding events clear. Previously, the business class had found much to admire in the presidency of Donald J. Trump and his administration’s dogged pursuit of tax cuts and deregulation. But on January 6, as election deniers and right-wingers rampaged through the halls of Congress, the Business Roundtable called on President Trump to “put an end to the chaos,” which it described as an unlawful attempt to “overturn the legitimate results of a democratic election.” The National Association of Manufacturers urged Vice President Mike Pence to invoke the 25th Amendment, describing the riot as “sedition.” The Chamber of Commerce, too, denounced the attacks on the Capitol and “our democracy.” And more than 123 Fortune 500 companies announced that they would boycott any Republican who challenged the legitimacy of the election. 

What does business want? Not boots on Nancy Pelosi’s desk, and at first, it seemed that this corporate-class revulsion would make Trump’s comeback politically impossible. Surely American businessmen would close ranks around protecting the constitutional order under which it has profited so mightily, and they would steadfastly refuse to allow back into the executive branch a man who showed so little respect and appreciation for stability and order. 

Things didn’t turn out that way, and since Trump won his second presidential election in 2024, there’s been nary a word of protest from organized business groups about any aspect of his agenda, no matter how much it might seem to run counter to their interests. This is mysterious. On one level, Trump claims to be closely identified with business: He extols private economic power, and much of his appeal comes from his presentation of himself as a wealthy, economically successful real estate developer and businessman. And he does deliver for business, on one level — his presidency has been hostile to labor unions, and it has provided major tax cuts for the rich, not to mention goodies for his cronies. But the unpredictability, the coarseness, and the lack of respect for elite norms seem at odds with our perception of what business typically wants. A rush into war with Iran, accompanied by threats to annihilate an entire civilization? Jamie Dimon, CEO of JPMorgan Chase, is happy to offer his endorsement of the military action as “overdue.” After immigration enforcement shot and killed Alex Pretti in Minneapolis, the most that the Business Roundtable president did was quietly offer his “support” for those brave Minneapolis business executives who called for de-escalation. The Chamber of Commerce and the Business Roundtable applauded the passage of the One Big Beautiful Bill Act, and, of course, Silicon Valley billionaires have formed a steady base of support.