President Donald Trump will meet Tuesday with leaders from more than a dozen major companies, including Fiat Chrysler Automobiles NV’s new chief executive Mike Manley and PepsiCo Inc.’s departing chief Indra Nooyi, as he shapes his economic message heading into midterm elections.

The executives are traveling to Trump’s golf resort in Bedminster, New Jersey, where he’s in the middle of what the White House calls a working vacation. The president will be joined by aides including his daughter Ivanka Trump and son-in-law Jared Kushner; Larry Kudlow, his top economic adviser; and deputy chief of staff for policy coordination Chris Liddell.

Trump enjoys business leaders’ support for the tax law he signed last year and a deregulation agenda – policies his administration contends are fueling economic growth and low unemployment. Trump’s corporate tax cuts have contributed to a surge in profits this year, accounting for 43 percent of earnings growth for the S&P 500 in the first quarter from a year earlier.

But some CEOs have criticized his immigration policies and, especially, his trade war with China and U.S. allies, which now threaten many companies’ sales.

According to a list obtained by Bloomberg News, Trump’s guests also include:

White House officials haven’t provided an agenda for the meeting and the CEOs have varied interests.

According to a list obtained by Bloomberg News, Trump’s guests also include:

  • Johnson & Johnson Chairman and Chief Executive Officer Alex Gorsky
  • Continental Resources Inc. Chairman and CEO Harold Hamm
  • FedEx Corp. Chairman and CEO Fred Smith
  • Boeing Co. Chairman, President and CEO Dennis Muilenburg
  • Honeywell International Inc. Chairman, President and CEO Darius Adamczyk
  • Boston Beer Co. Inc. Chairman Jim Koch
  • Ernst & Young Chairman and CEO Mark Weinberger
  • Mastercard Inc. President and CEO Ajay Banga
  • International Paper Co. Chairman and CEO Mark Sutton
  • Red Apple Group Chairman, President and CEO John Catsimatidis

Richard LeFrak, a real estate tycoon who is an informal adviser to Trump, will also participate.

“This is an opportunity for the president to hear from a number of business leaders from a variety of sizes and types of companies on how the economy is doing from their perspective and what their priorities and thoughts are for the year ahead,” said White House spokeswoman Lindsay Walters. “These people are managing the American workforce.”

Fiat Chrysler won Trump’s praise for a plan announced in January to shift its heavy-duty pickup production to Michigan from Mexico. But since the company won’t carry out that move until 2020, and it will continue to import several models built in Mexico, Canada, Italy and elsewhere, it’s at risk of getting hit with tariffs under the same type of U.S. Commerce Department investigation used to justify steel and aluminum levies earlier this year.

Fiat Chrysler is also one of the biggest beneficiaries of Trump’s proposed rollback of U.S. fuel economy standards, but the policy could spur blowback for the company and the broader auto industry. California already is threatening to decouple its emissions rules from those set by the federal government, which could lead to years of litigation and a patchwork of standards that vary by state.

Package delivery companies like FedEx Corp. and United Parcel Service Inc. are straining to keep up with soaring demand from online shopping, which surged 17 percent in 2017. Industrial freight is also rebounding. But Trump’s escalating trade war could interrupt the companies’ upward trajectory, especially in FedEx’s new European package delivery business that’s already costing more to integrate than expected. FedEx confirmed their CEO’s participation at the Tuesday meeting with Trump, but didn’t give details on planned talking points.

PepsiCo’s giant North American beverage unit has been hit by higher transport costs and aluminum prices, exacerbated by Trump’s 10 percent tariffs on imports of the metal.

Boeing, the second-largest U.S. defense contractor, has benefited as Trump boosted military budgets and extolled its fighter jets to foreign heads of state. But Trump’s trade policies also threaten the largest U.S. exporter as the president has escalated tensions with China, the largest overseas market for Boeing jetliners, and imposed aluminum tariffs that hiked costs for some of the manufacturer’s suppliers. A Boeing spokesman couldn’t immediately comment on Muilenburg’s agenda for the evening.

Like Boeing, Honeywell is keenly focused on both defense spending and the state of the aviation market. The Morris Plains, New Jersey-based manufacturer will become more dependent on aerospace after the planned spin-offs of its automobile turbocharger and home-products units later this year.

Read or Share this story: