Is Corporate America in Denial About Trump?

There was anxiety in the thin mountain air when the planet’s economic leaders gathered in January at Davos for the 54th meeting of the World Economic Forum. Donald Trump had just trounced Nikki Haley in the Iowa caucuses, all but securing the Republican nomination for president. Haley was reliable, a known quantity. A resurgent Trump, on the other hand, was more worrying.

The Davos attendees needed reassurance, and Jamie Dimon, the chairman and chief executive of JPMorgan Chase, had some to offer. In an interview with CNBC that made headlines...