DLPR CEO Richard Dukas Explains Why Leaders Should Speak Out Amid Tariffs-Related Uncertainty
May 1, 2025
Corporate Leadership Sounds Off on Tariffs
What happened: In an interview with Yahoo! Finance, Eli Lilly CEO David Ricks said President Trump should “declare victory and move on” regarding tariffs on pharmaceutical companies.
Ricks noted the promise of increased investment in pharma manufacturing—Lilly’s already investing $27B in new U.S. plants—but Ricks warned that tariffs could do more harm than good.
“I think if the goal is to repatriate the supply chain, I would say probably the threat of tariffs has already done that,” Ricks said.
Other high profile pharma companies like Johnson & Johnson announced $55 billion in investments, and Roche (a Swiss-based company) promised $50 billion in U.S. investments.
And Ricks is not the only one speaking out. Pfizer CEO Albert Bourla said “we [the pharma industry] should not have tariffs,” this week on its earnings call, and AstraZeneca CEO Pascal Soriot, said that an “attractive corporate tax rate” would be a better way to work with the industry.
Communication takeaways: It’s always risky for a CEO to speak out, particularly when it comes to earnings, or in this case, in deflection of the President of the United States. However, Ricks and other leaders have a variety of stakeholders to report to, and tariffs do not seem to be popular with anyone at this time. According to a recent Gallup poll, the majority of U.S. citizens surveyed believe tariffs will ultimately cost the U.S. more money than they generate—in the short term (70%) as well as the long run (62%).
Richard Dukas, Chairman & CEO of financial PR firm Dukas Linden Public Relations (DLPR), says he appreciates the willingness of Ricks to be transparent.
“I applaud his conviction and willingness to lead by articulating why tariffs are harmful to both Eli Lilly and U.S. national security interests,” Dukas says. “In doing so, Ricks weighed the risk of potentially antagonizing the White House against the responsibility to stand up for what he believes is right—for Lilly, its investors and the country.”
Dukas also noted that it was not likely an easy decision for the CEO, but he understood why he made it—and if he had been advising him, that he may have encouraged him to do the same.
“People are looking for trusted sources to guide them through uncertain times,” he says. “Now is the time for [leaders] to speak out [on tariffs]…while striking the right balance between optimism and pragmatism. Building trust now will be beneficial for a long time to come.”