A year ago this month, America’s chairs and CEOs scrambled to leave Donald Trump’s business councils after his equivocal response to a deadly rally by white supremacists in Charlottesville. Now, though, some have decided it is safe again to be seen with the US president. Trump last week credited Indra Nooyi, PepsiCo’s outgoing CEO, with giving him the idea of having the Securities and Exchange Commission reconsider its requirement that companies report earnings quarterly. Other CEOs have shared beef tenderloin and lobster tail with the president at his Bedminster golf club in recent weeks. They will have had much to catch up on: it has been an eventful year in the relationship between corporate America and a commander-in-chief who touts his pro-business credentials. If they were looking to butter-up their host, the CEOs might have praised the tax reform package he signed in December, which cut the corporate rate from 35% to 21% and funded a record-breaking round of share option-boos...

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