Donald Trump promises to cut taxes and regulations to convince top US CEOs

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Donald Trump told a gathering of top US leaders on Thursday that he would cut taxes and regulations while raising tariffs, as he tried to win support from the country's business leaders for his agenda populist economics.

Trump made the remarks during a roundtable in Washington attended by around 100 business leaders, including Jane Fraser of Citigroup, Tim Cook of Apple, Brian Moynihan of Bank of Americas and Jamie Dimon, head of long-time director of JPMorgan Chase.

The meeting took place just weeks after Trump became the first former president to be convicted of a crime when a jury found him guilty in a secret trial in New York. He also met with Republicans at the Capitol.

During a roughly hour-long conversation with his former National Economic Council director, Larry Kudlow, Trump discussed his right-wing economic agenda and criticized President Joe Biden's handling of world events, the U.S. withdrawal from from Afghanistan to Russia's large-scale invasion of Ukraine and Hamas's attack on Israel.

The former president told his audience that he would consider further reducing the corporate tax rate from 21 percent, after cutting it from 35 percent in 2017, according to a person in attendance.

I thought it looked solid, almost professional, and not something else like you sometimes see, said an executive who was in the room.

Another CEO in attendance said, “It was the same Trump we've seen and heard a hundred times, but quieter.

Trump economic adviser Stephen Moore said the former president emphasized deregulation and the use of tariffs on imports as a negotiating tactic with foreign countries. He said Trump would extend his 2017 tax cuts, some of which expire in 2025.

The former president also discussed his plan to eliminate taxes on tipping and drew laughter from the audience when he said he spoke to a waitress and golf caddies who liked the idea.

The Business Roundtable invites both presidential candidates to address its 200 business leaders before each U.S. election.

Among those who missed the event were Satya Nadella of Microsoft, Larry Fink of BlackRock, Stephen Schwarzman of Blackstone, who has previously supported Trump, as well as Darren Woods of ExxonMobil and Bill Thomas of KPMG.

Biden's chief of staff, Jeff Zients, stood in for the president, who was at the G7 summit in Italy, and warned CEOs that they should not take political stability for granted, according to some people in the room. He praised several CEOs, including Apples Cook.

A Democratic-funded mobile ad was circling around the Business Roundtable headquarters, broadcasting footage of Trump's recent fraud conviction in New York and the January 6, 2021 attack on the U.S. Capitol by a mob of his supporters .

U.S. companies have posted record profits under Biden, but many business leaders are wary of some of the president's budget proposals, including higher taxes on wealthy individuals and corporations, as well as on capital gains and share buybacks.

Trump has gained growing support among Wall Street bosses in recent weeks, with hedge fund titans including Bill Ackman saying they would be likely to back him in the race for the White House this year.

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The Business Roundtable will launch an eight-figure ad campaign before the election in support of maintaining the 21 percent corporate tax rate and low taxes on foreign-earned income and intellectual property.

Many business leaders have expressed skepticism of Biden and Trump. A member of the Business Roundtable told the Financial Times: We are facing the most disastrous presidential candidate combination in US history.

It doesn't matter if it's Trump or Biden [who wins in November]”I think we are in a period of increased regulatory scrutiny,” added a CFO of a Business Roundtable company. “When all is said and done, play the game well.

Additional reporting by Andrew Edgecliffe-Johnson, Stephen Foley and Brooke Masters

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