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 RegulationsRegulatory 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