Major US Business Leader Staying on President Trump’s Business Council
$WMT, $JPM, $IBM, $GE, $BA, $BX
Major US companies, including Wal-Mart Stores Inc (NYSE:WMT), JP Morgan Chase & Co (NYSE:JPM) and IBM Corp (NYSE:IBM) have said their CEO’s will remain in an influential Presidential advisory group despite objecting to President Donald Trump’s withdrawal from the Paris Accord.
Citing the need to stay engaged with The Trump Administration, American business leaders said they will remain in their advisory roles to continue working to influence White House policies.
Last Thursday, President Trump said he would pull the United States from the Y 2015 global agreement to fight climate change, drawing anger and condemnation from some world leaders and some heads of industry.
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and Walt Disney Co (NYSE:DIS) CEO Robert Iger left White House advisory councils after President Trump’s deceleration
Asked about CEO’s’ criticism of the US withdrawal, White House spokesman Sean Spicer said some companies that expressed support for remaining in the agreement raised concerns about the emissions reduction targets.
Mr. Spicer added he does not know if President Trump will replace Messrs Musk and Iger on the business council.
“IBM believes we can make a constructive contribution by having a direct dialogue with the administration – as we do with governments around the world,” a company spokeswoman said.
Jamie Dimon CEO of JPMorgan Chase & Co, criticized President Trump’s decision, but said he would not step down from the President’s business group.
“I absolutely disagree with the administration on this issue, but we have a responsibility to engage our elected officials to work constructively and advocate for policies that improve people’s lives and protect our environment,” Mr. Dimon said in a statement.
General Electric Co (NYSE:GE) CEO Jeff Immelt, who is on President Trump’s manufacturing council, said he was disappointed in the decision and added: “Industry must now lead and not depend on government.” Mr. Immelt will remain on the council, a company spokeswoman said.
AFL-CIO President Richard Trumka, who is also on President Trump’s manufacturing council, called the withdrawal “a failure of American leadership.” A union spokesman said on Friday that Trumka intends to remain on the council to serve “as a voice for working people.”
Boeing Co (NYSE:BA) CEO Dennis Muilenburg will remain on the manufacturing council, the company said.
Trump administration officials pushed back against company criticisms in television interviews on Friday.
National Economic Council Director Gary Cohn dismissed concerns about potential economic fallout from the climate deal withdrawal, such as the potential of other countries slapping tariffs on American manufacturers.
In a TV interview last Friday, Mr. Cohn said the move was part of the administration’s efforts to boost US economic growth and help companies by increasing demand for US goods, along with other efforts targeting regulations, taxes and infrastructure.
“If we can grow our economy, we’re going to consume more and more products,” he said. “We’re going to need more manufacturing in the United States just to deal with domestic consumption.”
President Trump created the business advisory group in December before taking office to assist him in making policy decisions. The council is led by Stephen Schwarzman, chief executive of Blackstone Group LP (NYSE:BX).
Blackrock Inc CEO Larry Fink said he will continue to serve on President Trump’s business forum, despite reservations about the White House climate decision because he believes he can add to policy discussions and be a voice for investors.
General Motors Co (NYSE:GM) said Chief Executive Officer Mary Barra will remain on the Presidential advisory panel.
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