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President Trump talks with reporters outside of Air Force One. Photo: Evan Vucci / AP

A new report by a coalition of progressive advocacy groups examined SEC filings from large, publicly-owned corporations and found that many of companies believe the Trump administration could be bad for their business.

Why it matters: Trump has positioned himself as a pro-business president, particularly over taxes, but has faced setbacks with the disbanding of his corporate advisory councils and hawkish rhetoric on trade. This analysis from Trump opponents — headed by the American Federation of Teachers — finds what companies are telling their investors about those concerns.

The report examined all 10-K forms filed with the Securities and Exchange Commission in the seven months following the 2016 election for mentions of the Trump administration. 10-Ks are annual reports filed by publicly-owned or large corporations that summarize financial performance and future risk for investors.

The report documents concerns companies had about changes to the Affordable Care Act, new trade rules that could impact exports and changes to tax code. On the other side, the review found that the companies that believed Trump would help their businesses predominately came from the fossil fuel and banking sectors.

By the numbers: Of the 380 companies that specifically mentioned the Trump administration in their filings, 50.8% believed that the White House's policies would have a negative impact on their business. A little more than a third of companies had neutral mentions — while just 13.4% of companies thought the Trump administration would be positive for their business.

What they're saying: AFT President Randi Weingarten on the group's report: "We knew that Trump was exploiting the anxiety many Americans feel and was further polarizing the communities in which we live and work; now we know that even before his business council disbanded he was causing alarm and anxiety inside the companies he is relying on to fuel economic growth."

Worth noting: There were a few thousand 10-Ks filed by companies within the timeframe examined by the review, so the 380 that mention the Trump administration constitute a pretty small portion of the total number filed — especially because companies can discuss the impact of political policies without mentioning the administration by name.

Go deeper

N.Y. Times faces culture clashes as business booms

Illustration: Sarah Grillo/Axios

New York Times columnist David Brooks' resignation from a paid gig at a think tank on Saturday is the latest in a flurry of scandals that America's biggest and most successful newspaper company has endured in the past year.

Driving the news: Brooks resigned from the Aspen Institute following a BuzzFeed News investigation that uncovered conflicts of interest between his reporting and money he accepted from corporate donors for a project called "Weave" that he worked on at the nonprofit.

America rebalances its post-Trump news diet

Illustration: Annelise Capossela/Axios

Nearly halfway through President Biden's first 100 days, data shows that Americans are learning to wean themselves off of news — and especially politics.

Why it matters: The departure of former President Trump's once-ubiquitous presence in the news cycle has reoriented the country's attention.

2021 sees a record number of bills targeting trans youth

Illustration: Annelise Capossela/Axios

Republicans in at least 25 states have introduced over 60 bills targeting transgender children — a legislative boom since January that has beaten 2020's total number of anti-trans bills.

Why it matters: LGBTQ advocates say the unprecedented push was catalyzed by backlash to Biden's election and the Supreme Court ruling that workers cannot be fired for being gay or transgender.