As time goes by and the date of the US presidential elections approaches, the tension in the United States grows stronger. People are still undecided whether to vote for Democrats to end Trump’s reign for once and for all or to choose Republicans and continue living in old conditions with the President’s extraordinary decisions which the Americans are already accustomed to. The majority of society thinks that it’s time for changes. Recent election polls indicate young Americans prefer Joe Biden over Trump, even some Republican leaders refuse to vote for him again. However, things may not change as most of the people who voted for him in 2016 are planning to do so again. There are people out there who still support Donald Trump as they have seen a huge profit during his reign and the whole Corporate America is among them.
The term “corporate America” is used for describing big business companies in the United States. It’s a cabal of CEOs, corporate directors, and everyone who keeps themselves wealthy at the expense of the working class or the middle class and other poor people who elected Trump. These large companies prefer to have Trump in charge of the country as his decisions turned out to be beneficial for them. One of the reasons is that it’s easier to lobby new laws, have smaller taxes and handouts. All his new regulations, like the biggest companies paying the least taxes, leave society more vulnerable, especially in the middle of the coronavirus crisis. It looks like Trump has forgotten the poor Americans and focused on the rich people, appointing them in his government, as the current US government is made of billionaires and members of corporate America.
Benefits for Corporate America
You can easily notice Trump’s unhealthy obsession with the big US business if you take a look at the recent news. He is completely focused on the local business companies and has strict regulations for everybody who is outside the USA. For instance, EagleFX is a forex company from Europe and does not have clearance in the US to provide its services. Trump’s obsession made him maintain EagleFX regulation restrictions to make business as hard as possible for firms like this in the future. All under the ruse that he was protecting American business. And who knows, you may have been right. Eagle FX is a brokerage located in the Commonwealth of Dominica which is often described as a scam company because they don’t have any legislation in the US nor in a trustworthy market. They don’t have a legitimate financial regulator and they trade services to customers from the USA without any documentation that permits them to do so. For this reason, they have a pretty bad reputation among other forex companies as a result of Trump’s regulations especially for those companies that are not necessarily located in the USA.
This is why much of corporate America views Trump, not as a rival but as a powerful allie. Despite his bullying comments about some big business companies, he protects these corporations by his vows to slash taxes and soften the regulations of the previous government. Many of the Obama administration rules were created for protecting workers and the financial system.
Barack Obama always tried to use his power to demand more responsibilities and contributions from large American companies. He expanded rules for employers and imposed harsher corporate tax regulations and responsibilities for stockbrokers which was why he was under attack by corporate America. These regulations aimed to stop these companies from moving their headquarters overseas to get rid of taxes. These firms often merged with smaller firms in lower-tax countries. This was a common way to avoid tax regulations and making a profit. But Obama reformed the corporate tax system and deserved dissatisfaction from those firms.
Back to these times, Corporate America was desperate for some changes which are why electing Donald Trump was a bit of huge luck for them. What Trump does is the exact opposite of Obama’s laws which makes his policies more attractive for corporate America. His election was truly a blessing for the US corporate sector as many firms benefited from a looser hand on regulations and the President’s promises to bring work back to the country. However, the smaller firms suffer from stricter protectionist trade measures, thinking that Mr. Trump is failing his vision to make America the great nation again.
Companies affected by Trump’s regulations
There are a lot of big companies affected by Trump’s regulations to flourish America’s corporate sector. Among them are Apple, Ford, and Amazon. Trump decided to establish immigration controls to ensure that open jobs in Apple are offered only for American workers, which wasn’t a pleasure for Apple as it usually makes their computers and iPhones in other countries, like China, as well. One of the other firms targeted by Trump is Amazon and its founder Jeff Bezos. What he did was imposing new rules to curb the tech giant’s power over our data. Ford is also on the list and was affected by Trump’s rule to charge the company extra fee for moving its small-car production to Mexico and other countries. The latest target is TikTok which is the Chinese owned social media company. Trump decided to ban TikTok from the US unless it was sold to an American owner like Microsoft. Although Microsoft rejected buying TikTok, it has been bought by software giant Oracle after the Trump administration forced the app to sell it to a US-based firm.
After all, what we can say is that Donald Trump campaigned on a promise to run the economy like his business empire. Indeed, during these four years, he used his power to put himself into corporate affairs. His regulations were a big help for America’s giant companies and a punishment for the others. President’s economic vision meant to free firms from unfair foreign competition was a success as the whole corporate America now likes Trump, increasing chances for him to be elected as a US president one more time.