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America’s CEOs more confident with bets on Trump’s tax reform

America’s CEOs more confident with bets on Trump’s tax reform
Days after President Trump took a beating from business leaders over the decision to exit the Paris climate accord, some of those same CEOs are optimistic the president's pro-growth policies on cutting taxes and layers of regulation will pay off for the U.S. economy. 

CEO confidence is the best it’s been in three-years, as tracked by the Business Roundtable CEO Economic Outlook Index for the 2Q, which compiles projections over the next six months. The index rose to 93.9 up from 93.3 in the first quarter. Executives plan to boost capital spending, and expect sales to rise. While plans to hire saw a slight pullback from the 1Q, the group described the dip as “modest”. This is the second survey since President Trump took office.

“We remain optimistic that tax reform is achievable” said JPMorgan Chairman and CEO Jamie Dimon (JPM) and Chairman of the Business Roundtable in discussing the survey. Delaying tax reform, he warned, will likely mean CEOs will pull back on capital spending, which drives hiring.

Last week, Dimon joined other roundtable members General Electric CEO Jeff Immelt (GE), and Walmart CEO Doug McMillon (WMT), in publically expressing disappointment over the Paris climate decision. Disney CEO Bob Iger (DIS) and Tesla CEO Elon Musk (TSLA), non-members, announced they would defect from the President’s advisory councils after the decision. 

Even though Trump’s plans to cut taxes and regulatory red tape by watering down bills including Dodd-Frank remain fluid, the administration is staying on message.   

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