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\n A version of this story appeared in CNN Business\u2019 Nightcap newsletter. To get it in your inbox, sign up for free here<\/a>.\n<\/p>\n \n Not long ago, American conservative orthodoxy held that when it comes to doing business, the government that governs least governs best.\n <\/p>\n \n The orthodoxy manifested itself in familiar ways. Groups that claimed the mantle of individual liberties would decry new legislation. Talk radio and podcasts would mock unnamed bureaucrats for ham-fisted overreach. And powerful business lobbies were quick to denounce \u2014 in press releases and even lawsuits \u2014 regulations or taxes they saw as government overreach.\n <\/p>\n \n But when faced with President Donald Trump\u2019s efforts to seize control of private enterprise \u2014 such as his recent arrangement to have the US pocket a portion of Nvidia\u2019s sales to China, his social media outbursts at individual executives, his moves to take a stake in Intel, and his use of executive powers to cajole banks and law firms he perceives as insufficiently loyal \u2014 those same groups have gone quiet.\n <\/p>\n \n Take the US Chamber of Commerce, the largest business advocacy group in the country.\n <\/p>\n \n Last year, the Chamber sued a federal consumer watchdog group for attempting to cap credit card late fees at $8 a month, claiming the agency \u201cexceeded its statutory authority.\u201d In 2023, it sued the Biden administration over provisions for Medicare price negotiations in the Inflation Reduction Act, claiming the move would consolidate \u201cunfettered and unchecked power\u201d to the department of Health and Human Services.\n <\/p>\n \n But under Trump\u2019s second term, the Chamber has had little to say publicly about Trump\u2019s aggressive meddling in the private sector.\n <\/p>\n \n Similarly, the Business Roundtable, another DC-based lobbying group that represents hundreds of chief executives, has rarely been shy about denouncing what it sees as presidential overreach in the form of taxes and environmental regulations. This year, though, the group has been largely MIA<\/a> on the MAGA shift toward a style of capitalism that more closely resembles the autocratic regimes of Russia and China.\n <\/p>\n \n Both groups have criticized Trump\u2019s trade war, warning that tariffs hurt American businesses. But neither has spoken out about the president\u2019s more direct assault on free enterprise.\n <\/p>\n \n Neither the Chamber of Commerce nor the Business Roundtable responded to multiple requests for comment.\n <\/p>\n \n The president, a self-styled dealmaker, has thrown out the standard free-market playbook in ways that have alarmed lawmakers, investors and legal experts. And suddenly, the legal protections businesses have long counted on appear shaky, said Philip M. Nichols, a professor of legal studies and business ethics at the University of Pennsylvania\u2019s Wharton School.\n <\/p>\n \n \u201cAny business that sticks its head up, or any business person that sticks their head up, is taking a risk that can\u2019t be calculated,\u201d Nichols said in an interview. \u201cWhat\u2019s the smart thing to do \u2014 what do the wildebeest do when they get to the crocodile-infected river? They wait for the other wildebeest to jump in, and then follow.\u201d\n <\/p>\n \n Several trade groups have privately drafted plans to push back against the Trump administration in defense of their business interests, people familiar with the matter told CNN. But those plans were shelved at the request of members that are worried about drawing White House ire.\n <\/p>\n \n \u201cThere\u2019s an \u2018Eye of Sauron\u2019 element here that everyone is very aware of,\u201d one manufacturing CEO told CNN, referring to the \u201cLord of the Rings\u201d character that brought all subjects to heel. \u201cBut there\u2019s also a recognition that this is an administration that is transactional if they believe you\u2019re on board with their agenda.\u201d\n <\/p>\n \n When it comes to exerting his influence over Corporate America, no matter appears too small or too large for Trump\u2019s input.\n <\/p>\n \n Last month, the president took credit for Coca-Cola\u2019s decision to roll out a cane-sugar-sweetened product that aligns with his allies\u2019 \u201cMake America Healthy Again\u201d philosophy. He regularly criticizes CEOs<\/a> in public for perceived slights, demanded that Intel\u2019s boss resign<\/a> over unspecified conflicts, and urged Goldman Sachs to fire its top economist<\/a> after the bank said tariffs would raise consumer prices (a fact virtually all economists agree to be true, and which we are now seeing borne out in reality<\/a>).\n <\/p>\n \n While much of that bluster is run-of-the-mill Trump rhetoric, the president shocked trade experts when he announced an unorthodox (and potentially illegal<\/a>) arrangement with chipmakers Nvidia and AMD earlier this month. In exchange for export licenses that allow them to sell their products in China, the companies agreed to funnel 15% of their China sales to the US government \u2014 a setup that some analysts called a \u201cshakedown\u201d of private enterprise.\n <\/p>\n \n The White House\u2019s push into private businesses took another turn Tuesday when officials confirmed the administration was considering using taxpayer money to acquire a stake in struggling chipmaker Intel. The primary reason for such a move, Commerce Secretary Howard Lutnick said, was the president\u2019s desire to reduce US dependence on Taiwan for chip production. But he also said Trump believes<\/a> the government should have \u201cequity\u201d in tech giants.\n <\/p>\n![\"US](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/08\/ap25212403035947.jpg\")
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