In a stark appeal to the nation’s corporate elite, U.S. Chamber of Commerce CEO Suzanne Clark called on executives to defend free markets “fearlessly,” signaling growing unease among business leaders as President Donald Trump expands his influence over the mechanics of American capitalism.
Speaking to a darkened ballroom on Thursday, Clark framed her remarks as a broad defense of openness and global exchange, urging U.S. companies to remain “open to the world, open to the global exchange of talent and goods and ideas and innovation.” The comments come amid an unprecedented period of presidential intervention in business, with Trump directing federal stakes in technology firms, asserting control over corporate equity structures, imposing tariffs, and pursuing immigration policies at odds with the Chamber’s longstanding positions.
The speech, delivered without mentioning Trump by name, reflects a cautious strategy among CEOs who appear wary of direct confrontation with the White House. Several top executives have voiced muted critiques of specific Trump policies in recent weeks, including Exxon Mobil’s Darren Woods and JPMorgan’s Jamie Dimon, but they have largely limited their objections to issues tied directly to their companies’ interests. Clark’s remarks may be read as the Chamber’s attempt to push back against the administration’s interventionist impulses while avoiding the political backlash that open dissent could invite.
Corporate governance experts say the subdued tone reflects a broader fear among executives that the administration could punish dissent. Unlike Trump’s first term, when CEOs openly broke with him after the Charlottesville rally in 2017, the current response from business leaders has been notably restrained. Richard Painter, a University of Minnesota law professor and former ethics lawyer for President George W. Bush, criticized the measured reactions as insufficient in the face of what he described as an increasingly authoritarian approach by the president.
“I’d like to see a lot more aggressive stance from the Chamber here,” Painter said, arguing that executives need to speak out against coercion, whether it targets protesters or CEOs.
New York City Comptroller Mark Levine, who oversees public pension funds with stakes in major corporations, echoed that concern. He said CEOs have taken only “baby steps,” speaking up only when Trump’s actions directly affect their businesses. “I don’t think capitalism works if we allow a president with autocratic tendencies to dictate the behavior of every company in America,” Levine said.
The Chamber, however, maintains it is acting strategically. A spokesman pointed to a briefing Clark held on Friday, where she said the group opposes government intervention in business regardless of which party is in power. She also noted that CEOs have been doing “quiet work” behind the scenes to promote sound public policies, rather than “rushing to outrage.”
The Chamber’s posture reflects a broader desire to preserve bipartisan support for free markets, a goal highlighted by the group’s chief policy officer, Neil Bradley, who said in August that the Chamber aims to respond to Trump in a nonpartisan manner.
Yet the business community is increasingly aware of the risks of remaining silent. Trump’s approval rating on the economy stands at 36%, below his overall approval rating, even as he insists that growth is surging and that America is “respected again like never before.”
A few CEOs have already broken the silence. On Jan. 9, Exxon’s Darren Woods told Trump that Venezuela was “uninvestable,” contradicting the administration’s public optimism about the country’s oil prospects. Two days later, Trump suggested Exxon could be excluded from future Venezuelan deals, criticizing the company’s response as “playing too cute.”
On Jan. 13, JPMorgan CEO Jamie Dimon defended the independence of Federal Reserve Chair Jerome Powell, warning that Trump’s interference could trigger inflation. Trump dismissed Dimon’s remarks, saying, “I don’t care what he says.”
Pfizer CEO Albert Bourla also publicly criticized Health Secretary Robert F. Kennedy Jr.’s move to roll back vaccine recommendations for children, calling the policy “zero scientific merit.”
Yet these instances remain exceptions in an environment where executives increasingly feel that “lobbying is different now,” according to Dana Peterson, chief economist at the Conference Board. The board’s recent survey found that the biggest risk for CEOs in 2026 is uncertainty, a sentiment that aligns with the broader unease about the administration’s unpredictable interventions.
Experts suggest that CEOs may be carefully calibrating their statements to avoid backlash while positioning their companies to benefit from Trump’s policies. But some warn that a lack of pushback could normalize greater government control over business, even after Trump leaves office.
“My guess is they think the actions are a passing fad,” said Gary Clyde Hufbauer, a senior fellow at the Peterson Institute for International Economics. He warned that state capitalism is increasingly attractive to both progressive Democrats and MAGA Republicans, and cautioned that executives may be “asleep at the switch.”
In this tense political climate, the Chamber’s call for fearlessness may signal the start of a more assertive corporate response—or merely a new chapter in quiet resistance. Either way, the stakes for the future of American free-market capitalism have never been clearer.
