"Courage is the ability to speak out when no one else will" - Futurist Jim Carroll
No one seems to be willing to speak up while the damage is being done. Courage has disappeared. Corporate leadership seems to be excelling at mastering the art of being a wimp.
Sure, several top business leaders are 'expressing concern' about how tariff policies might affect companies and the broader economy. But few are willing to do anything. Meanwhile, all the uncertainty from the whiplash of insanity leads to a vortex of crashing consumer confidence, wild volatility, and the likelihood of an economic downturn.
Public comments are weak at best. Jamie Dimon of JPMorgan Chase recently changed his view on tariffs, noting that "uncertainty is not a good thing" and suggesting businesses may need to adjust their operations. With that, his team has increased their recession probability estimate from 30% to 40%. BlackRock CEO Larry Fink told CNN that "the economy is weakening as we speak" due to current policies, causing both individuals and business leaders to hesitate and reduce activity. While he remains optimistic about America's long-term prospects, he sees economic challenges shortly.
But aside from a few weak comments like this, few are speaking up. There is no courage. The fact is, while many other CEOs have expressed similar concerns privately, it seems few are willing to speak up. The lack of courage is palpable. This became the subject of an article in the Wall Street Journal the other day.
Consider what was covered in the article.
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.”
That sentiment wasn’t apparent hours later, when many of the same chief executives from the Yale event attended a question-and-answer session with President Trump at the Business Roundtable. There, the exchange was largely cordial and executives didn’t ask the president any pointed questions about his tariff strategy, according to people familiar with the event.
They're all silent. Scared of their shadows. These are the leaders taking the world into the future.
Yet as the stock market enters correction territory and companies rush to stockpile goods and reorder supply chains, few are complaining openly and directly about the president’s trade strategy. 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 by 20%. Another 22% said stocks would have to fall 30% before they would take a stand.
Plenty want to say nothing under any circumstances: Responding to the same survey question, nearly a quarter of CEOs said they didn’t see it as their role to publicly push back against the administration. On questions about national security, CEOs were more open to critiquing the president.
They're afraid. Is this the type of leadership the world is doomed to have in these turbulent times?
“I’ve been struck by how fearful people are and how unwilling they are to speak out. That has just not been true in the past,” said Bill George, a former CEO of medical device company Medtronic, who remains in touch with executives across industries. “They don’t want to get on the wrong side of the president and his constituents.”
And this is different.
The public silence is an about-face from Trump’s first term when CEOs often acted as a counterweight to the president’s immigration policies or inflammatory rhetoric—often on topics that didn’t directly relate to business matters.
So what does it lead to? Inaction.
George, the former Medtronic CEO, said several business leaders he has spoken to in recent weeks say it is nearly impossible to make long-term investments, projections, and decisions with so much uncertainty in Washington. Many worry about what could happen to their businesses if Trump and his officials attack them, a reason some companies have considered legal settlements or other moves to win his favor.
“The mood has changed,” George said. “What you’re hearing publicly is not what you’re going to hear privately.”
What's the impact of the silence? It certainly doesn't make things any better, and makes it worse. A key issue is the unpredictable nature of these tariffs. With frequent announcements, pauses, and potential changes, companies struggle to make reliable plans. Right now, this inconsistency is even more harmful than the tariffs themselves, as global supply chains depend on predictable partnerships.
What does leadership courage look like today? A bunch of wimps carefully tiptoeing around, scared of their shadows, unwilling to speak to the courage of their convictions. And the fact is, in challenging times like these, leadership courage becomes even more important. This all seems to tie into the issue of real leadership courage which I will often cover from an innovation perspective, which means:
- Being willing to try new approaches, including implementing innovative technologies even when it feels risky.
- Pushing through the "idea rut" that many organizations fall into, especially when facing uncertain economic conditions.
- Fostering innovation by creating an environment where calculated risks are encouraged rather than punished.
- Making decisions with conviction rather than falling into "aggressive indecision" - that state where organizations take their time getting nowhere because they're afraid of making the wrong choice.
- Acting on gut feelings sometimes, rather than waiting for perfect data that may never come. As one expert puts it, it's about "pressing the play button" instead of remaining paralyzed by analysis.
- Embracing change instead of fearing it. Change always involves some risk, but avoiding change often carries even greater risks in today's fast-moving business environment.
- Taking action now rather than delaying with endless studies, committee meetings, and reports.
- Breaking through organizational habits that block new ideas and innovation.
- Asking tough questions that might make people uncomfortable but lead to necessary changes.
- Maintaining focus on growth opportunities even during challenging economic times.
- Learning through experience by trying new approaches, understanding that not everything will succeed but each attempt builds valuable knowledge.
- Setting an optimistic tone that keeps teams focused on future possibilities rather than current fears.
If these CEOs can't speak up for their future, they certainly can't do the right things to lead their organizations into tomorrow. In essence, leadership courage means boldly moving forward in the face of uncertainty, making decisions when the path isn't clear, and maintaining a growth mindset even when economic indicators suggest caution.
And most importantly, showing real leadership by speaking up when it's critically necessary, rather than hiding in a closet.
Wimps.
All of them.
Futurist Jim Carroll speaks and writes a lot about leadership. Right now, he isn’t seeing any.