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Your Guide to Washington and the World’s 2024 US Election Means
Historic President clearly says that tariffs will raise prices, unemployment and inequality while lowering productivity and economic growth. The US Central Bank chairman said the same on Wednesday.
As CEOs of public companies, we disagree with the strongest possible terms of your trade policy. We hereby promise to do everything in our power to challenge them. Do not question our unity and resolve this issue.
Incidentally, the following 250 signatories control two-thirds of the public stock market, earning 25 tons per year, and 35 million employees. Global tax contributions last year exceeded $1 trillion.
Did you see the message on this page from the world chief executive of Financial Times yesterday? No, you didn’t. There were none. Not this newspaper, not anywhere else.
The CEO’s silence in the face of Donald Trump’s tariff chaos is one of the biggest failures of leadership in corporate history. Where are they when we need them? Shuffle your shoes in the corner.
Some bosses are said to have raised concerns behind closed doors. He’s very brave. Others argue that engagement with behind-the-scenes management staff is a better approach.
So what about? Shareholders have already lost trillions. So, are you not making a strategic statement to prevent the White House from retaliating? It’s like worrying about punching a punch into the stomach after a throat cut.
Several CEOs are said to be robust. Jamie Dimon of JP Morgan said, “This uncertainty is challenging.” The Delta Air Lines’ head calls this situation “self-harm.” Healthcare equity can be painful, the AstraZeneca chair warned.
Ah, stop it! What happened to the “Megacorp,” and those who carried them, which became more powerful than the nation? We know who is wearing pants now.
Ironically, most of our CEOs at Suia have experienced some kind of leadership training. Almost 40% of bosses in the S&P 500 have an MBA. Corner Suite encourages coaches to “walking the talk.”
There are 160 management programs specializing in leadership around the world. Last year, 7,000 students began senior leadership masters in the UK alone. And don’t forget to have a shelf of corporate leadership books that is published annually. Amazon lists over 30,000 people and encourages CEOs to start from the start, wondering if they want to go from good to great.
The average glitter would be better.
So, if something like the tariffs that are being discussed comes, why could the global boss not lead when it becomes clear that all their stakeholders will suffer?
You cannot blame the teacher. Harvard University – arguably home to top MBA programs on Earth and countless leadership courses – declared an all-out war with Trump this month. It’s brave. From the head of McDonald’s to Citigroup and Novartis, what excuses do their alumni make?
Personally, they say that law is the law. Customs duties are implemented based on administrative authorities. It was delegated by Congress decades ago to combat unfair practices and national security issues.
However, unlike other policies, there is little to no balance between customs checks and duties. Congress cannot bring them back and the administration doesn’t need to show any interest, let alone defend economic costs.
In other words, it’s not possible very much. But nothing stops the CEOs putting pressure on Congress to cancel the enforcement body on tariffs. They already register $4.5 billion each year in federal lobbying in the US.
Other than that, as suggested by the Brookings Agency, lawmakers could be encouraged to strengthen standards that impose tariffs, and either strengthened or strengthened judicial oversight.
Dozens of CEOs requesting these changes will fail. Hundreds or thousands of bosses acting as one person representing consumers, employees and suppliers is impossible to ignore.
The chairs and boards need to be stepped up. Decades of peace and economic stability have allowed technocrats, operational chiefs and financial walla to get to the top of their business. Many suffer from fraud syndrome for good reason. They are not very skilled in empathy workshops, but for all of us, it must be replaced by a true leader of vision and iron, who is ruthless when it comes to fighting for the right thing.
The supine response to tariffs suggests that as someone at the White House might say, many current CEOs should be fired.
stuart.kirk@ft.com
