-Donald Trump's return to the White House after winning the Nov. 5 U.S. presidential election may reshape American business. Much depends on whom he appoints as deputies and cabinet members, including the role of Tesla or rocket launches and much more.
Musk is also a big proponent of carbon-free energy, with Tesla being a major supplier of solar systems and batteries. Trump has promised to kill the offshore wind industry and rescind all unspent funds under the Inflation Reduction Act – Biden’s signature climate law. But Trump faces dissent in his ranks: Republican lawmakers, oil companies and others see massive red state gains from the law. Musk has played into that, building his second U.S. electric vehicle factory in Texas, for instance.
Tariffs loom over tech as well. In recent weeks, Trump has also heavily criticized the U.S. CHIPS and Science Act that has sought to partially subsidize companies building factories in the United States. Instead, he said the country should impose tariffs on chips coming into the country, especially from Taiwan's TSMC.
The big oil policy wildcard is how Trump will treat rival exporters, including Russia, Saudi Arabia, and Iran. It is likely that Trump would relieve sanctions on Russian energy, but leave in place those on Iran, said Ed Hirs, an energy fellow at the University of Houston. Jesse Jones, an analyst with consulting firm Energy Aspects, expects even more.
Even so, a new Trump presidency will likely give cable TV news networks like CNN, Fox News and MSNBC and news outlets including theTrump recently said he would let former presidential candidate and anti-vaccine advocate Robert F. Kennedy Jr."go wild" on vaccine and healthcare policy. Kennedy has said that Trump promised him control over the FDA, CDC, HHS, and the USDA.