Labeled antibusiness by Republicans and some corporate chiefs, President Barack Obama mounted a campaign to show he wasn’t. But his charm offensive has hit a rocky patch.

Business leaders gripe about burdensome new financial and health care regulations, what they see as unfriendly tax policies and vast government spending. They were put off by Obama’s harsh depiction of “fat cat bankers” and “reckless practices,” a label he applied both to Wall Street and to oil-spill giant BP.