The 2024 US election is looming, and with it, a wave of uncertainty for American businesses. At the heart of this storm is Donald Trump's trade war, which has left many companies scrambling to figure out their next move. The challenge is twofold: how to adapt to the president's tariffs without angering the White House.

The fear is palpable. Many corporate leaders are walking on eggshells, unsure of how to voice their concerns without inviting retaliation. This climate of fear was amplified recently when the White House targeted several law firms, including Paul Weiss. The message was clear: speak out, and you might be next.

Some executives are trying to navigate this tricky terrain by lobbying Trump and his team privately. The goal? To convince them that these policies could backfire, hurting his core supporters through higher prices and job losses. It's a delicate dance, and one that requires a velvet glove approach, as one executive put it.

Take Disney, for example. CEO Bob Iger recently voiced his concerns at an internal meeting. He pointed out that shifting production back to the US wouldn't be easy, thanks to specialized workforces and differing skillsets. Plus, with steel prices on the rise, Disney's costs for building cruise ships would also go up.

But not everyone is singing the same tune. Shale magnate Harold Hamm, for instance, remains supportive of Trump's efforts to reform trade practices. However, he's also aware of the challenges facing shale producers, who are hoping that the current market turbulence is just a temporary blip.

Meanwhile, investment firms are trying to make sense of it all. Many have or are planning to outline their views on tariffs to clients, who are understandably shocked by the scope and direction of the levies. Carlyle Group, for one, is hosting a call to discuss a playbook for dealing with the tariffs.

Some corporate leaders are calling for calm, reminding everyone that stocks have a tendency to overreact. They're also pointing out that the tariffs weren't a surprise; they were talked about during the campaign and after Trump won.

But despite these reassurances, there's still a lot of uncertainty. Many companies are hesitant to make large-scale adjustments, unsure of what the future holds. As one customs specialist put it, this is not even the beginning of the end. There's far too much uncertainty for CEOs to make major supply chain moves.

Companies Navigate Trump's Trade Storm

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