Corporate America has fallen out of love with Pride month – and it’s because of Donald Trump.

Businesses that used to smother their merchandise in rainbow flags for the month of June have dramatically scaled back this year, many wary of provoking an investigation by the Trump administration.

Meanwhile, Pride events across the US are facing budget shortfalls as corporate sponsors duck out.

Robby Starbuck, the anti-woke activist known for his pressure campaigns, believes a “massive” shift has taken place at some of the world’s biggest companies in the past year.

Polling of 200 corporate executives by Gravity Research, seen by The Telegraph, showed almost two in five plan to pare back their Pride month celebrations this year.

Of those, the overwhelming majority – 60 per cent – said this was a result of pressure by Mr Trump.

“It’s clear that the administration and their supporters are driving the change,” Luke Hartig, president of Gravity Research, said. “Companies are under increasing pressure not to engage and speak out on issues.”