📈Economy 📄Trump Agenda 🙏Partnership
1 Big Thing: It’s the Economy, Stupid
Former President Donald Trump was elected the 47th President of the United States because, ultimately, voters trusted him more with their pocketbooks than Vice President Kamala Harris.
Why it matters: The economy took center stage in voters' minds, with CNN’s exit polls showing that concerns over financial stability led to Trump’s decisive victory on Tuesday night.
Here are six key stats to help you understand the outcome of the election:
Bottom line: Despite a 58% disapproval rating, President Trump received a strong mandate from voters to improve the economy and address everyday financial concerns, particularly inflation.
2. The Trump Agenda
While Republicans may still secure a governing trifecta by holding onto control of the U.S. House of Representatives, it’s clear that economic issues will likely dominate the first two years of the Trump presidency.
Why it matters: President Trump made numerous campaign promises related to the economy, taxes, tariffs, immigration, energy, and trade—each set to significantly impact America's economic trajectory.
5 Key Issues to Watch:
Trump Tax Cuts: The Tax Cuts and Jobs Act, passed during Trump’s first term, is set to expire at the end of 2025, requiring Congress to act if they wish to extend it. The most probable route to renewal will be through budget reconciliation, allowing Republicans to bypass the 60-vote threshold in the Senate. Issues on the table include individual tax rates, the child tax credit, a potential tax exemption for tips, and other adjustments. Bottom line: This will be a top congressional priority in the coming session.
Trade and Tariffs: In his victory speech, President Trump emphasized his commitment to campaign promises, including his stance on tariffs. He is likely to impose tariffs on a range of goods from countries like China, the EU, and Mexico, which could intensify trade tensions. How the business community navigates the balance between lower taxes and higher tariffs remains to be seen, but importers with overseas supply chains may face increased scrutiny.
Climate Policy & Inflation Reduction Act: International agreements, including the Paris Climate Accord, will likely be cut under a second Trump term. Domestic climate policy will likely shift toward increasing the domestic energy supply using America’s natural resources. Additionally, unspent funds and provisions in the Inflation Reduction Act—such as clean energy tax credits—could be on the chopping block.
Permitting Reform: Permitting reform is one area that could attract bipartisan support. Earlier this year, outgoing Senator Joe Manchin and Wyoming Senator John Barrasso introduced bipartisan legislation to streamline the permitting process for energy projects. There may be a willingness to address this issue in the next Congress.
Immigration & Border Security: Bipartisan immigration reform is unlikely, but if Republicans retain control of the House, stricter border enforcement measures will gain traction. President Trump will likely enact some measures through executive action in the early days of his presidency. Additional border funding proposals could include more patrol agents, advanced technology, and continued construction on the southwestern border wall.
Bottom line: The next Congress could see a flurry of activity on these and other issues. Be prepared.
3. Resilient Partners is Ready to Help You
As we enter a new Trump presidency, here’s our message: We’re here to support you. We’re committed to turning your challenges into opportunities, serving as your advocates, strategic communicators, and guardians of your reputation.
Download our capabilities deck or reach out to start the conversation.
Read our 2024 election analysis here.