In the wake of Trump’s inauguration, entrepreneurs around the globe are wondering what that means for business.
Business prospects under the Trump Administration could look a lot different than they did during the Obama years. From backtracking the climate change initiatives of the Obama Administration, to lowering the income tax and renegotiating the North American Free Trade Agreement, the economy may take a 180-degree turn this year.
Trump has advocated the return of manufacturing jobs back to the United States. States like Pennsylvania, Michigan, and Kentucky – states that faced job loss in light of globalization and excessive business regulation – were heavily favorable to Trump during the election.
Trump’s support of coal miners, automobile manufacturers and other blue collar positions earned him a voting bloc crucial to his success. Those voters and special interest groups won’t go away once he’s sworn in – they’re going to hold him accountable.
In the past couple of months, Trump has openly criticized some companies while praising others. These critiques often reflect the respective company's manufacturing policies, be it outsourcing or keeping jobs domestically.
Trump’s ability to pressure companies like Ford and Carrier to promise at least short-term manufacturing jobs provides some relief to business people and entrepreneurs looking to grow in the new year. Most of them seem confident in the business climate under the new administration. However, not everyone is cheering on the president-elect.
Stocks tumbled the day before Trump's inauguration captured the news cycle. Not only did the Dow Jones industrial average take a dive, but it marked a fifth day of losses and took back any gains made in 2017. Investors are cautious to make any strong financial moves without knowing exactly what a Trump presidency will look like.
The recent troubles on Wall Street don’t necessitate financial instability under the Trump Administration as much as they reflect caution towards premature investments.