CEOs Remain Vigilant as Trump Shakes Up Businesses With String of Directives

Trump's Second Term: A New Era for Corporate America

Photographer: Bonnie Cash/UPI/Bloomberg

American business leaders are finding that navigating the Trump administration’s policies is more complex in his second term. The current White House blends traditional conservative deregulation with bold, populist interventions in the private sector, creating a challenging environment for CEOs.

Recently, President Trump has issued a flurry of directives targeting corporate leaders, aiming to bolster his political standing ahead of the midterm elections.

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Among his recent actions, Trump signed an executive order urging defense firms to reduce stock buybacks, specifically calling out Raytheon, part of RTX Corp., a major supplier to the Pentagon. He also announced that leading oil companies would invest billions in Venezuela’s oil industry following the unexpected ouster of President Nicolás Maduro—a move that industry insiders say was unlikely to happen without government pressure.

In another move, Trump proposed barring institutional investors such as Blackstone Inc. from purchasing single-family homes, seeking to address rising housing costs. He also praised Intel CEO Lip-Bu Tan after a White House meeting, highlighting a significant federal agreement to purchase up to 10% of Intel’s output.

These actions reflect an unprecedented willingness to intervene in private enterprise, a sharp departure from the hands-off approach of previous Republican administrations. The same week, Trump surprised both allies and adversaries on the world stage—arresting Maduro, issuing vague warnings to other Western Hemisphere countries, and once again floating the idea of acquiring Greenland despite European resistance.

Trump’s second term has seen a more aggressive push for deregulation, government spending cuts, and tariffs compared to his first. While over a thousand companies are challenging his tariffs in court, many executives and lobbyists note that the administration is more open to dialogue and feedback than the previous one, with frequent meetings and calls with top officials.

Business Leaders on Alert

Despite Trump’s tough stance, he still seeks approval from major corporations and Wall Street. This was evident during a recent White House meeting with executives from Chevron, Exxon Mobil, and ConocoPhillips to discuss Venezuela. Trump enthusiastically committed $100 billion of their capital to rebuild Venezuela’s oil sector, though industry experts question the wisdom of such an investment given current market and political risks.

“If you’re not interested, let me know—there are 25 others ready to step in,” Trump told the assembled executives.

However, not all business leaders are eager to comply. Exxon CEO Darren Woods reminded Trump that the company’s assets in Venezuela had been seized twice, making the market too risky for investment. “Today, it’s uninvestable,” Woods said.

After the meeting, Trump announced on social media a proposal to cap credit card interest rates at 10% for one year, effective January 20, though he offered few specifics.

Corporate America’s Changing Relationship with the White House

During Trump’s first term, many business leaders welcomed his policies on taxes, regulation, and government debt. For example, executives at United Technologies Corp. (now part of RTX) anticipated unlocking billions in overseas cash thanks to tax reforms, enabling large stock buybacks. “Our capital allocation remains disciplined,” then-CEO Greg Hayes told investors in 2017 as the company pursued a $3.5 billion buyback plan.

But in 2026, RTX and other firms face a more unpredictable environment. Trump’s social media posts recently sent defense stocks soaring after he called for a $500 billion increase in the Pentagon’s budget, raising military spending to $1.5 trillion.

Photographer: Al Drago/Bloomberg

Yet, Trump also criticized defense contractors, especially Raytheon, demanding they stop buybacks, boost domestic manufacturing, and limit executive compensation. RTX has not responded publicly to these remarks.

The Aerospace Industries Association, representing defense firms, stated it shares the administration’s focus on national security and strengthening the defense supply chain. “We will continue to work with the administration to promote policies that reward performance and keep America ahead of evolving threats,” said Eric Fanning, the group’s president.

According to a corporate consulting executive, many clients are strategizing how to avoid becoming targets of Trump’s interventions, as RTX has, while preparing for possible future scrutiny.

Shifting Political Landscape

Trump’s approach is not the only concern for corporate America. The Republican Party has shifted from its traditional pro-business stance to one more aligned with Trump’s personal priorities, embracing government involvement in private industry—a move that would have been unthinkable for the GOP not long ago.

This week, some Democrats supported restrictions on stock buybacks, while Republicans, unusually, did not object. House Armed Services Committee Chairman Mike Rogers, a Republican from Alabama, commented that defense firms seem more focused on Wall Street than on defense production, adding, “I understand his frustration,” in reference to Trump.

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