US business leaders start to rally around Republican candidate Nikki Haley

A surge of support from prominent US business leaders is bolstering Nikki Haley’s bid as the Republican Party’s favored contender for the presidential race, favoring her perceived stability over rival Donald Trump and business-friendly stance compared to incumbent Joe Biden.

JPMorgan Chase CEO Jamie Dimon, a notable figure among the country’s top executives, urged bipartisan backing for Haley, emphasizing her potential as a preferable alternative to Trump. Over the past month, an increasing number of entrepreneurs and business figures, including influential donors like Charles Koch and investor Stanley Druckenmiller, have thrown their support behind Haley, contributing to her growing campaign funds.

Haley’s recent fundraising success, exceeding $500,000 during a New York luxury apartment event, reflects the expanding endorsement from the city’s business elite. David Primo, a political science professor, notes a shift in donor behavior, stating that many initially waited on the sidelines but are now rallying behind Haley as her poll numbers rise.

While initial polls in late October showed Haley with less than 10 percent support for the Iowa caucuses, she has now surged to nearly 18 percent, closely trailing Florida Governor Ron DeSantis. Analysts attribute her appeal to a perception of stability, with Daniel Kinderman, a University of Delaware professor, emphasizing her commitment to adhering to political “guardrails.”

Haley’s policy positions, including tax cuts, balanced budgets, and a raised minimum retirement age, align with traditional Republican views on fiscal discipline. Michael Strain of the American Enterprise Institute highlights her experience as a business-friendly former governor.

In contrast to Trump, Haley’s approach to economic issues has garnered support. She emphasizes fiscal discipline, expressing concern about national debt while maintaining a pragmatic stance on international trade, particularly with China. Notably, she has also gained some support from Democrats, such as investor Reid Hoffman.

However, questions linger about how Haley’s pro-business image might resonate with the Republican base. During a recent debate, she addressed concerns about ties to banks and billionaires, asserting her focus on policy rather than corporate interests.

Analysts suggest that beyond policy differences, there’s growing unease about Trump’s electability. A Harris Institute poll indicates that Haley may present a more formidable challenge to Biden than Trump, who faces legal challenges in multiple venues. Michael Strain points out the anomaly of a candidate leading in primary polls but not considered the strongest contender for the general election.