Pictured above: Leadership Now Project CEO Daniella Ballou-Aares

Earlier this month, executives at the major holding companies told analysts that they’ve seen no significant pullbacks in spending by clients due to heightened macroeconomic concerns fueled by Trump’s tariff war. 

But a new study from Stagwell’s Harris Poll, working with the Leadership Now Project, suggests business leaders are losing a lot of sleep over the issue, and that many businesses have been negatively impacted by new government policies. 

According to the survey, 84% of senior business leaders are concerned about the current political and legal environment’s impact on their business. 

Nearly half (45%) say recent executive orders and policies have negatively affected their business’s competitiveness, while a third report a positive impact. 

And most are wary about expressing their views about government policy in public. 83% said they feel more comfortable discussing those views within their company. And about half (51%) worry about reputational risk to their company or themselves if they do speak out publicly. 

The study found that regardless of political party (92% Democrats, 81% Republicans, 82% Independents) or political philosophy (91% Liberal, 79% Conservative, 84% Moderate), majorities of business leaders are very or somewhat concerned about the political and legal climate’s impact on business. 

The poll also found that business leaders are split on whether the current business climate under the Trump administration is better (39%) or worse (37%) than they expected. 

"Business leaders across the political spectrum are deeply concerned that the current political climate is putting America’s economic competitiveness and global standing at risk,” stated Daniella Ballou-Aares, CEO of the Leadership Now Project.  

“The instability created by disruptive policy shifts, executive actions, and regulatory uncertainty threatens the conditions that have made the United States a global economic leader,” Ballou-Aares added. “Business leaders understand that protecting our economic strength and upholding rule of law are inseparable priorities. We must work together—across industries and political affiliations—to protect the foundations that allow businesses and our country to thrive.” 

Harris Poll surveyed over 300 senior business leaders (director level and above) online between April 21–24 across a range of company sizes.