By Alan Murray and Geoffrey Smith
April 5, 2017

Good morning.

President Trump continues his assiduous efforts to woo business leaders, bringing in a group of 50 assembled by Blackstone CEO Steve Schwarzman and Citigroup CEO Michael Corbat for a two-hour “town hall” style meeting yesterday. The discussion focused on infrastructure, training, reducing regulations, and tax reform. One of the CEOs attending said the President and his team seemed especially eager to score some wins on the economic front. And the CEOs are eager to help—despite the administration’s recent setbacks.

Separately, JP Morgan chief Jamie Dimon, who also chairs the Business Roundtable, released his annual letter to shareholders. It included a lengthy section on public policy that managed to avoid any direct reference to Trump, but put Dimon’s own spin on the U.S. economic agenda. A few excerpts:

  • “America today is probably stronger than ever before.”
  • “But our economy has been growing much more slowly in the last decade than in the 50 years before then.”
  • “Education is leaving too many people behind.”
  • “Our corporate tax system is driving capital and brains overseas.”
  • “Infrastructure needs planning and investment.”
  • “Excessive regulations reduce growth and business formation.”
  • “We need to dramatically expand the Earned Income Tax Credit to help more low paid individuals… earn a living wage.”

The letter highlighted a few areas where Dimon clearly disagrees with the President—including immigration, NAFTA, China and climate change. But in his own town hall event yesterday, Dimon downplayed any disagreements, saying: “Mr. Trump doesn’t agree with everything he says himself.”

More news below.

Alan Murray


You May Like