As CEOs focus on stopping corporate tax hikes, Biden's team makes case to them on global alliances

WASHINGTON (AP) — President Joe Biden's chief of staff argued to an influential group of CEOs Thursday that the Democratic incumbent's emphasis on global alliances would help their businesses, even as the group rolls out an effort to preserve tax cuts that former President Donald Trump signed into law.

Both Trump, the presumptive Republican nominee, and Jeffrey Zients met behind closed doors with the Business Roundtable in Washington, with Zients stepping in for Biden during the president's meetings with Group of Seven leaders in Italy. Neither side commented publicly on what was said in the meeting, which comes as Biden and Trump head toward a 2020 rematch with sharply different views on taxes and the economy.

A person familiar with the conversation said Zients made the case that America’s global reputation and its independent institutions such as the Federal Reserve fostered the kind of trust worldwide that allowed U.S. capitalism to thrive. The statements were a jab at Trump’s camp, as the former president had previously hit allies with tariffs and sought greater control over Fed policies.

Zients said the post-pandemic economic recovery was possible in part because the Biden administration worked with business on issues such as supply chains, the person said. And he indicated to the CEOs that Trump's pledges to deport millions of people and wage potential trade wars could drive up inflation. The person insisted on anonymity to discuss details of the meeting, having not been authorized to do so publicly.