Corporate America distances itself from US President Donald Trump over rejection of Paris accord

US President Donald Trump (r) talks with Tesla and SpaceX CEO Elon Musk during a meeting with business leaders at the White House in February. (Photo by AP)

The relationship between US corporate leaders and Donald Trump’s administration has reportedly cooled over the president’s rejection of the Paris climate accord, lack of progress of his Capitol Hill agenda and a possible shakeup in the White House staff.

The regular parades of major corporate executives into the West Wing of the White House have stopped and a gathering of executives led by Blackstone CEO Stephen Schwarzman planned for next week has been cancelled due to conflicts, Politico reported Saturday.

Meanwhile, Tesla CEO Elon Musk and Disney CEO Bob Iger quit as outside advisers to the US president following his rejection of the Paris climate deal, the report added.

Additionally, dozens of other executives have publicly censured the Trump administration over the decision, including Goldman Sachs CEO Lloyd Blankfein—a former colleague of many top administration officials—who slammed the Paris decision as a “setback for the environment and for the US's leadership position in the world.”

According to the report, chief executives and senior corporate lobbyists are also disappointed over the lack of progress in the administration’s major Capitol Hill agenda – including repealing Obamacare and passing massive tax cuts.

The Trump administration is now engaged in a public fight over how and when to raise the debt limit, the report adds, describing the conflict as “a terrifying prospect for Wall Street and the rest of corporate America.”

White House officials, however, deny there has been a cooling-off in their collaboration with major US corporations, insisting that the initial flurry of meetings was part of a push aimed at setting up lines of communication within the first 100 days and more meetings will soon be held.

“We knew there would be blowback from Paris but so far it hasn’t been that bad,” the report quoted a senior official as saying on condition of anonymity.

“There will be plenty more of these meetings,” the official added.

Responding to inquires about the public criticisms of the CEOs, a White House spokesman reiterated in a statement Trump’s argument that the Paris accord would slow the US economy.

“The President is keeping his promise by working for a new or better deal for America,” said the statement.

Meanwhile, the administration is planning a day-long summit of technology CEOs at the White House for June 19 to discuss modernizing government systems, an effort led by Trump’s son in law and top adviser Jared Kushner.