A breakdown in relations between business chiefs and President Trump will damage confidence and hurt share prices

America’s chief executives finally seem to have got the message about President Trump. There is little benefit in trying to maintain sweet relations with a president whose ability to deliver tax cuts is fading by the day. But there is real reputational risk in being the last corporate suit still lending him support.

With the bosses resigning in droves from Trump’s two advisory councils, the president was obliged to take matters into his own hands by disbanding both panels. This was done to relieve “pressure” on the business people, he tweeted. But the way events were running, there would have been nobody left by the end of the week.

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