Written by David Shepardson, Joey Rowlett and Gram Slattery
WASHINGTON (Reuters) – Republican presidential candidate Donald Trump and Jeff Zients, White House chief of staff under US President Joe Biden, met on Thursday with top US business leaders in Washington as they seek to win the support of US companies months before the election. The sources said.
Trump interviewed conservative commentator Larry Kudlow, who served as a key economic adviser during Trump's term from 2017 to 2021, the sources said. C. B. Morgan Chase (NYSE:) CEO Jamie Dimon, Xerox (NASDAQ:) CEO Stephen Bandrozak, Gap Inc (NYSE:) Chairman Richard Dixon, and Truist (NYSE:) CEO Bill Rogers (NYSE:) are seen leaving the building after the meeting.
Apple (NASDAQ:) CEO Tim Cook was seen sitting in the front row, said Stephen Moore, Trump's economic adviser.
Trump's meeting with the Business Roundtable, which has more than 200 CEOs as members, focused on the economy. The former president “had a very pro-business message” that focused on corporate tax cuts and less regulation, Moore said.
Thursday's dual showings show that both candidates are increasingly focused on courting deep-pocketed and powerful corporate CEOs as the election approaches. In a Reuters/Ipsos poll in May, 44% of registered voters said they thought Trump had a better plan for the economy compared to 33% who supported Biden's economic strategy.
The Biden campaign's message was clear Thursday morning: In a statement showcasing economic improvements under the Democratic president, the campaign criticized Trump's economic proposals and his past.
Electric vehicles and taxes
Biden and Trump, locked in a tight race five months before the November 5 election, disagree on a number of key economic issues.
Biden has made environmental protection an essential part of his economic plans. His administration has created a series of incentives for the purchase and use of electric vehicles, and in January, his administration temporarily suspended approvals for export requests for liquefied materials from new projects.
Despite occasionally highlighting the details, Trump has attacked measures aimed at accelerating the US economy's transition away from fossil fuels, and has repeatedly claimed that electric cars don't work.
Trump “said that one of his first priorities when he returns to office is to unleash American energy,” Moore said, adding, “We are playing into the hands of China, Russia, and OPEC by not producing more.”
While in office, Trump cut the maximum corporate tax from 35% to 21%, cuts that Moore said Trump would seek to make permanent. Biden has proposed increasing the top rate for large companies to 28%, which is below historical levels, but higher than the current number.
Business giants are turning back to Trump
Both men used tariffs extensively to protect American industry. Trump proposed imposing 10% tariffs on all imports.
“President Trump's 'America First' economic program will deliver middle-class tax cuts, record cuts in regulation, fair trade, abundant energy, low inflation, better wages, and the restoration of the rule of law in America,” said Carolyn Levitt, a spokeswoman for the Trump campaign.
While in Washington, Trump is also scheduled to speak to Republicans in the Senate and House of Representatives at locations near the US Capitol. These meetings are expected to focus on political priorities for Trump's potential second term.
The Business Roundtable routinely asks major party presidential candidates to address the group during election years. However, Trump's appearance highlights how comfortable some in the business community are with the former president after several companies distanced themselves from him and his supporters in the wake of the January 6, 2021, attack on the US Capitol.
In the weeks after the attack, several major companies said they would no longer donate to federal politicians who denied the legitimacy of the 2020 election, which Biden won, though several have since appeared to quietly back away from that pledge.
Business titans like Blackstone (NYSE:) CEO Stephen Schwarzman have previously abandoned Trump, only to announce this election cycle that they would back him after he handily beat rivals in the Republican presidential nominating contest earlier this year.