Well, here we are. Donald Trump will soon ascend to the Presidency. Business leaders would like to see him move fast to be a business-friendly chief executive. We have not seen a pro-business face in the Oval Office for four years. Joe Biden did not have any experienced business executives anywhere near his group of close advisors, and he ended up dealing a severe blow to the prosperity of many American businesses.
So, let’s explore what The Donald can do to help us. We all know business is the engine that drives a flourishing community, creates jobs, and pays most of the local taxes.
We will look to the new administration to reshape or rewrite policies ranging from crime to taxation to technology, jobs, and the environment. American products need to be more protected, especially in high-tech industries, and we need sensible climate regulations that jibe with facts and don’t put the rising federal debt into overdrive.
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Trump’s administration needs to take a hard-nosed look at the burdens weighing down the financial sector, which has been hit by the controversial policies and rules enacted and proposed by the Biden administration and the Elizabeth Warren tribe. This especially includes the so-called consumer-finance “protections” and the staggering new capital requirements for large banks.
To reduce complexity, he can simplify the tax code and cut the red tape. He can also eliminate burdensome regulations, particularly in the areas of energy, manufacturing, and banking.
Trump can adopt a “Two-for-One” rule—for every new federal regulation, two existing ones would be eliminated. He can formally adopt an “America First” Policy to encourage companies to bring manufacturing back to the U.S. through incentives, tax breaks, and penalties for offshoring jobs.
Trump needs to act immediately to “claw back” all or most of Biden’s so-called Inflation Reduction Act provisions, which Joe recently admitted was his signature climate policy. This law should achieve escape velocity and disappear by being repealed.
Trump should encourage venture capital investment, expand access to capital, and encourage public-private partnerships that foster collaboration between government and private companies. This would create technological advancements and decision-making procedures that work.
Biden’s Chips and Science Act thrust the federal government into a socialist-like role, designed to pour about $55 billion of taxpayer money into subsidies, giveaways, and credits to government-friendly manufacturers of semiconductor facilities. Stop it.
The new President can re-negotiate or withdraw from trade agreements like NAFTA to give priority to American businesses and workers. At the same time, Trump should pursue fair trade agreements that protect U.S. interests, speaking softly and carrying a Big Stick along with a carrot.
In 2023, Biden created executive orders on artificial intelligence issues, which dictated how AI models should be constructed and how the government should monitor training. This created a mound of red tape and slowed down the release of helpful AI products. Trump has already stated that he will dismantle Biden’s AI rules and structures—more power to him.
Trump should also examine the strict rules enacted by Biden’s Environmental Protection Agency regarding truck, car, and bus tailpipe emissions. The American Trucking Association is already suing over the Biden mandates, saying that the rules are arbitrary and cannot be achieved because current emissions technology is inadequate.
Lastly, Trump should promote entrepreneurship by simplifying business formation and reducing bureaucratic hurdles to starting and running a business. This would include supporting programs that provide space for new business ventures.
Go to it, Mr. President.
Other stories you may want to read:
The Trump Effect: Palm Beach County’s Booming Post-Election Real Estate Market
- John R. Smith: Political Polling: The National Joke - January 1, 2025
- John R. Smith: What Trump Could Do to Help Business - December 17, 2024
- John R. Smith: U.S. and Florida Flooded With Unneeded Laws - September 26, 2024