Trump is expected to build on his first presidency.
Former President Donald Trump’s reelection to the presidency was welcomed by many business leaders and investors, driving the S&P 500 index up more than 2.5 percent on the day after Election Day, when his victory became apparent.
Many expect the Trump administration to enact lower taxes, lighter regulations, and reverse many signature programs of the Biden administration, including the government-mandated transition from fossil fuel energy to wind and solar, and from gasoline-powered cars and trucks to electric vehicles (EVs).
“I think a lot of CEOs in the country said enough is enough,” Andy Puzder, former chief executive of CKE Restaurants, told The Epoch Times.
“Just look at the stock market on the day after the election and you can see exactly how American CEOs and American businesses felt about Trump winning the presidency.”
Cutting Regulations
Regulatory policy is likely the area where the incoming administration could have the most immediate impact on businesses.
According to an analysis by the American Action Forum (AAF), as of August this year, the Biden administration has handed down 994 new regulatory rules, adding an estimated $1.69 trillion in costs to American businesses. By comparison, during Trump’s first four years in office, his administration wrote 1,084 new rules that mostly eased regulations and reduced costs by $99.9 billion.
“Agencies like the EPA and Department of Energy regularly acknowledge in their cost-benefit analyses how energy efficiency regulations will raise up-front product costs,” AAF director of regulatory policy Dan Goldbeck told The Epoch Times.
A July study by University of Chicago economist Casey Mulligan calculated that the present value of the cost of regulations imposed by the Biden–Harris administration amounted to $47,000 for each American household, while deregulation during the Trump administration reduced costs by nearly $11,000 per household.
The new fuel economy standards set by the Biden administration, for example, are predicted to add $3,400 to the cost of new cars, trucks, and SUVs. The Biden administration similarly imposed tough new emissions restrictions on electric utilities, as well as new efficiency regulations on furnaces, water heaters, central air conditioners, dishwashers, and other household appliances.
