American Business Cannot Afford to Risk Another Trump Presidency

Throughout American history, business leaders have been able to assume that an American president of either party would uphold the rule of law, defend property rights and respect the independence of the courts. Implicit in that assumption is a fundamental belief that the country’s ethos meant their enterprises and the U.S. economy could thrive, no matter who won. They could keep their distance from the rough-and-tumble of campaign politics. No matter who won, they could pursue long-term plans and investments with confidence in America’s political stability.

In this election, American business leaders cannot afford to stand passive and silent.

Donald Trump and his Democratic opponent, Vice President Kamala Harris, have sketched out versions of their parties’ traditional positions on issues like taxation, trade and regulation that are well within the give-and-take of politics. In this election, however, stability itself is also at stake.

Mr. Trump denies the legitimacy of elections, defies constitutional limits on presidential power and boasts of plans to punish his enemies. And in these attacks on America’s democracy, he is also attacking the foundations of American prosperity. Voting on narrow policy concerns would reflect a catastrophically nearsighted view of the interests of American business.

Some prominent corporate leaders — including Elon Musk, a founder of Tesla; the investors David Sacks and Bill Ackman; and the financier Stephen Schwarzman — have been supportive of Mr. Trump’s candidacy. Beyond pure cynicism, it’s nearly impossible to understand why.

Business leaders, of course, may be skeptical of Ms. Harris’s policies, uneasy because they don’t feel they know enough about how she would govern or worried that she may not be open to hearing their concerns — a frequent criticism of the Biden administration. They may be reluctant to offend or alienate employees, customers or suppliers who have different political views. Most of all, they may be afraid of angering Mr. Trump, who has a long track record of using the levers of power to reward loyalty.

They should be more afraid of the consequences if he prevails.

This week Donald Trump provided a stark reminder that this election is different. In remarks that ought to alarm any American committed to the survival of our democratic experiment, the Republican nominee again refused to commit to accepting the results of the 2024 election. That comes on the heels of remarks in which he declared that he regards his political opponents as an “enemy from within” and that he would consider deploying the military against them merely for opposing his bid for the presidency. The implication is that participation in the democratic process is treason, and the threat is a fresh indication that if he is elected to a second term, Mr. Trump intends to deploy government power in new and dangerous ways.