The CEOs said they would talk against Trump if the stocks sank 20%. They are still silent after the last melting, but they can be ready to take action

• Company administrators gathered in YALE CEO Caucus last month President Donald was investigated when they had to express their concerns about Trump collectively, and most of them would decrease 20% in the stock market. Nasdaq and Russell 2000 have already entered the Bear Market area, S&P 500 is approaching.

CEOs have greatly avoided the public criticism of President Donald Trump while presenting their tariffs, but the last stock market massacre could trigger a change.

Last month’s CEO CEO Caucus gathered in dozens of the best company manager, the stock market Trump was investigated in an unprepared survey.

Accordingly Wall Street Journal44% of the CEOs decreased by 20%, 22% of the 30% decrease, 10% were 50% of an accident, and 24% did not play roles.

The question did not specify the starting point to measure market loss. With some measures, stocks are close to 20% or close.

Nasdaq and Russell 2000 fell more than 20% than the highest levels of 52 weeks and entered the Bear Market area. The S&P 500 fell 17%and the Dow Jones industrial an average decreased by 15%.

However, when Trump’s opening or the survey is carried out in mid -March, the losses are less upright. Nevertheless, the two-day stock after the “Day of Independence” erased the market value of $ 6 trillion, and in 2020 the worst melting since the first days of the Covid-19 pandem.

To be sure, there are some managers Reported concerns. About the tariffs behind closed doors at previous meetings with the president and staff. But in the public, they remained silent to avoid annoying Trump.

Jeffrey Sonnenfeld, Professor of Yale Management School, who organized the March summit, said Magazine Saturday The highest -level CEOs thought that they expressed disappointment, but that trade groups should be more powerful or make collective statements.

He said, “They don’t want to be a lightning.” “Then it becomes personalized for them.”

Similarly, an anonymous board member of a US company said Financial times On Friday, “You don’t want to be a dog barking for everyone because you will be the one to be shot.”

Another Corporate Board Member FT The best approach is to lobbying Trump and consultants specially and saying that it will hit the basic components of tariffs with higher prices and unemployment.

In his name, Business Roundtable said in a statement On Wednesday, Trump supports the goal of making more fair trade agreements, but “universal tariffs ranging from 10-50% have a risk of damaging American producers, workers, families and exporters.”

However, there may be more symptoms of opposition than corporate America.

Trump Advisor Elon Musk, Tesla CEO’s “Free Trade Zone” between the United States and Europe, a “zero tariff” system, which expressed hope for a “zero tariff” system was broken on Saturday with the trade war of the White House.

And early on Saturday, Musk suggested that the White House official Peter Navarro, who was reported to be an important figure in the tariff policy, claimed that the Harvard degree in X was “bad” and did nothing.

Meanwhile, Technology Journalist Kara Swisher Published on yarns On Friday, “a passenger of high-profile technology and finance leaders is a trip to Mar-A-Lago to read the Trump The Riot Law-UM.”

He added that Musk was also in plus signs for “stupid saw ‘mascara and more”, including the harsh interruptions of federal agencies.

White House and Tesla immediately did not respond to their requests for comments.

On Sunday, Treasury Secretary Scott Bessent did not give any symptoms that Trump would withdraw from these aggressive tariffs, and Wall Street, despite a decline rate this year, said that despite the Wall Street pricing, it did not have to be stagnation.

One Interview with NBCs Meet the pressIn addition, as a short -term reaction, he underestimated large stock sales.

“One thing I can say to you, what I am very impressed with as the Treasury Secretary is the market infrastructure, we have a registration volume on Friday, and everything works very smoothly, so the American people can get great comfort in this regard,” he said.

This story initially took part in Fortune.com