Republican presidential nominee, former U.S. President Donald Trump gives a speech during a campaign rally at Harrah’s Cherokee Center in Asheville, North Carolina, United States on August 14, 2024.
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U.S. business leaders are “in denial” about Vice President Kamala Harris’ growing lead over Republican presidential nominee Donald Trump, according to C-suite advisor Tina Fordham, who said Thursday that her clients are still betting big on the former president’s return.
Fordham, founder of strategic advisory firm Fordham Global Foresight, told CNBC that her client base of institutional investors, board members and C-suite executives continue to view Trump as the more pro-business candidate and their preferred choice.
“They still prefer a Trump presidency and they still think it’s going to happen,” Fordham told “Street Signs”.
Harris is seen with a 2.6-point lead over Trump in the latest average of national polls collated by FiveThirtyEight.
That lead has risen steadily since she was announced as the Democrat’s presidential candidate after President Joe Biden dropped out of the race last month. Nevertheless, Fordham said many executives were choosing to ignore the findings.
Fordham, a geopolitical strategist, was Citi’s first chief global political analyst, and has 25 years experience advising leaders on the intersection of politics and business.
“I see a lot of denial going on in terms of the polls,” Fordham said. “A Harris victory is definitely not priced in. A lot of Wall Street participants have been really invested in a Trump return to the White House.”
Trump has sought to capitalize on existing support from Wall Street following his first term, which was widely seen as pro-business. Harris’ business stance is seen as less clear.
Fordham drew a distinction, however, between the preferences of Big Tech and big banks on the one hand, and corporates on the other. The latter group, she said, are “piling in” on a Harris presidency.
“They rely upon the U.S. free trade and democracy phenomenon that’s powered global corporation for the last 30 years,” she said.
Businesses will be able to gain more insight into Harris’ economic agenda on Friday, when the vice president is set to outline her plans during a speech in North Carolina. Expected measures include what would be the first-ever federal ban on “corporate price-gouging” in the food and grocery industries and a possible mirroring of Trump’s proposed elimination of taxes on tips.
It comes after Trump touted his economic agenda in the swing state on Wednesday, sharing plans to cut taxes, reform energy policy and lower inflation.
Still, Fordham said she expected Harris’ plan to be light on details, with the presidential hopeful opting for strategic ambiguity. “The more detail a candidate gives, the more voters they will lose,” Fordham said.
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