What to do when you're a Trump target, corporate edition

The big picture: Business leaders have developed coping strategies in response. Here's what works (and what doesn't):

Don't lash out. Companies are a lot more careful about being publicly critical of this administration.

Do meet privately. The savviest CEOs "don't humiliate Trump, they talk with him privately," says Jeffrey Sonnenfeld, a professor at the Yale School of Management.

• Also helpful: Saying nice things about the president publicly.

Do something that looks like appeasement. Get out in front of the White House by taking steps to please Trump — ditching DEI, announcing new factories or making approving statements.

• "Giving the White House a win on something has forever been a good strategy," says Michael Robinson, CEO of the Montgomery Strategies Group, a strategic communications and public affairs firm. And it is particularly true in this administration. "Let them take the victory lap," he says.

Where it stands: Trump has made a habit of front-running corporate announcements or forcing the hand of some of America's largest companies, whether on social media or through sweeping proclamations and executive orders.

• He's declared the arrival of cane-sugar Coca-Cola, demanded the Washington Commanders change their name and taken credit for Apple's re-shoring announcement.

"Every company is just one Truth Social post away from being thrown into the political crosshairs," Robinson tells Axios.

• "I've known three generations of CEOs. This is the toughest administration to work with," Sonnenfeld says.

Between the lines: There's been building frustration and resentment among businesses, particularly over how erratically tariff policy has unfolded, according to a senior consultant who asked to be anonymous because the consultant represents multiple companies at the White House.

• There's a growing belief that negotiations with the administration don't hinge on business imperatives, but are instead "all about quid pro quo."
• "There's very little policy or substantive discussions happening, two issues that matter most for many businesses."

Friction point: The transactional, deal-making nature of this administration is chipping away at corporate reputation and trust.

• For example, CBS says the decision to end "The Colbert Show" can be attributed to financials. Others say it's actually a way to appease the administration — and regulators — ahead of its parent company's merger with Skydance Media.

Reality check: This isn't a new strategy — companies have long tried to please the White House.

• Administrations have picked winners and losers before — the Biden administration favored labor unions, for example, and put roadblocks up in front of the crypto industry.

The other side: The only factor guiding the President is what's in the best interest of Americans, says Kush Desai, a White House spokesman.

• "The Administration is working hand in glove with the private sector to deliver for the American people. American companies voluntarily dropping artificial ingredients, ending racist DEI policies, and investing in American manufacturing is reflective of how this close cooperation is delivering mutually beneficial wins."

Zoom out: It's one thing for a president to make asks of companies, but this has been going further — with a White House delving into minutiae and issuing explicit threats.

• That's particularly challenging for small companies, says Peter Cohan, a management professor at Babson College who has been interviewing executives on how they're dealing with tariffs.
• "Most businesses can't get to the White House."

What to watch: Trump's Truth Social feed is on the corporate radar.