CEOs don’t plan to openly question Trump. Ask again if the market crashes 20%.

Subscribe to enjoy similar stories. WASHINGTON—How business leaders talk about the Trump administration in private has been markedly different than what they are game to say in public. The dissonance was on full display here this week.

Early on Tuesday, dozens of corporate executives and others assembled at a Yale CEO Caucus not far from the White House just as news emerged that the Trump administration planned to potentially double tariffs on steel and aluminum from Canada. Those in the room responded with a mix of groans and shocked laughter. “There was universal revulsion against the Trump economic policies," said Jeffrey Sonnenfeld, a professor at the Yale School of Management, who organized the invite-only summit that included corporate bosses such as JPMorgan Chase’s Jamie Dimon, billionaire Michael Dell and Pfizer’s Albert Bourla.

“They’re also especially horrified about Canada." Yet as the stock market enters correction territory and companies rush to stockpile goods and scramble supply chains, many aren’t complaining openly. That is a departure from the public stances CEOs often took during Trump’s first term, on issues ranging from immigration to climate policy. In an impromptu poll at the Yale event, the CEOs made it clear that things would have to worsen significantly before they publicly criticized the president.

Asked how much the stock market would need to decline for them to speak out collectively, 44% said it would have to fall 20%. Another 22% said stocks would have to fall 30% before they would take a stand. Later in the day, when many of the same CEOs attended a question-and-answer session with President Trump at the Business Roundtable, the exchange was largely cordial and executives avoided asking