Election Results
Former President Donald J. Trump has won the 2024 U.S. Presidential election, capturing key battleground states to secure the Electoral College victory. Republicans have also gained control of the U.S. Senate, while the House of Representatives remains closely contested. This Republican win signals a shift in U.S. policy direction with potential global impacts.
Transition and Early Policy Moves
In the final weeks of the Biden Administration, there will likely be a flurry of executive actions and regulatory measures aimed at securing key accomplishments, such as additional funding under the Inflation Reduction Act (IRA). Trump’s return to the White House is expected to bring swift executive actions to reverse late-stage Biden regulations, with an immediate focus on immigration and border security.
Legislative Outlook
With a Republican Senate majority, President-elect Trump is expected to nominate officials aligned with his agenda, minimizing the need for bipartisan “consensus” candidates. A unified Republican government would open the door for sweeping legislative changes, particularly under budget reconciliation procedures. However, if Democrats retain control of the House, negotiation will be necessary, impacting the passage of major legislation.
Key Policy Areas
Budget and Taxes Republicans are expected to push for aggressive budget cuts, emphasizing defense and border security spending. In 2025, key elements of the Tax Cuts and Jobs Act (TCJA) will expire, setting the stage for significant tax reform. The Trump Administration may seek to lower corporate tax rates and expand TCJA provisions.
Deregulation A central focus of the new administration will be deregulation, particularly targeting Biden-era environmental and financial rules. Trump is likely to revive the “two for one” regulation policy, demanding agencies eliminate two regulations for every new one introduced.
Energy Trump’s energy policy is expected to pivot from green energy to fossil fuel production, including renewed support for oil and gas extraction on federal lands. Clean energy initiatives like offshore wind projects may face delays or cancellations.
Foreign Policy Trump is anticipated to take a tougher stance on China, focusing on trade and national security issues, and may impose new tariffs. Support for Ukraine is expected to decrease significantly, while alliances with Middle Eastern partners like Saudi Arabia are likely to be strengthened.
Immigration Immigration will be a key priority, with plans to restrict asylum access, increase deportations, and potentially end programs like Deferred Action for Childhood Arrivals (DACA). Legal immigration pathways may be narrowed, impacting workforce availability.
Implications for Businesses
Businesses should prepare for significant policy shifts in areas like taxation, regulation, and trade. Companies may see changes in compliance requirements and potential impacts on supply chains due to new tariffs and trade policies. The new administration’s focus on domestic energy production and deregulation may also influence investment strategies, especially in the energy sector.
Excello Law will continue to monitor developments and provide updates as the new administration’s policy agenda unfolds.