Former President Donald Trump, now re-elected for a second term, has vowed to implement it business friendly policiesincluding sharp corporate tax cuts, higher tariffs and rapid deregulation.
He says he will Corporate tax cut by 6%from 21%, to 15%, leading to a greater benefit for companies. Such a significant cut would mark the sixth largest tax cut since 1940, according to an analysis by the Tax Foundation.
During the presidential campaign, Trump’s support for reducing regulations on businesses helped him win the support of some of the country’s most prominent business leaders. Here’s how CEOs, nonprofit leaders and business groups are reacting to Trump’s election victory.
Elon Musk
Elon Musk, who campaigned for Trumppoured millions into helping him win re-election, and which Trump mentioned in his victory speech, praised the election’s outcome in a statement on Wednesday.
“The American people gave @realDonaldTrump a crystal clear mandate for change tonight,” he said.
Marc Andreessen
Marc Andreessen, co-founder and general partner of Andreessen Horowitz, a Silicon Valley venture firm, echoed a post by Musk on X that said, “America is a nation of builders. Soon, you will be free to build. “
“It’s time to build,” Andreessen posted.
Jeff Bezos
Amazon CEO Jeff Bezos was also quick to praise Trump’s victory.
“Huge congratulations to our 45th and now 47th President on a remarkable political comeback and decisive victory. No nation has greater opportunities. Wishing @realDonaldTrump every success in leading and uniting America as we all love it,” he wrote on Wednesday X.
JPMorgan Chase
JPMorgan Chase, the largest US bank by assets, issued a statement to employees after Trump’s election victory. The bank’s operating committee, which includes CEO Jamie Dimoncongratulated Trump as well as Vice President-elect JD Vance. Dimon said now is the time to “get to work on uniting our nation and focus on the pressing economic and global issues before us.”
The financial giant added that it “has a long history of working across the political spectrum and looks forward to engaging the new administration and elected officials in both parties.”
National Restaurant Association
“We congratulate President-elect Donald J. Trump and Vice President-elect JD Vance, and the newly elected members of the US Senate and House,” National Restaurant Association President and CEO Michelle Korsmo said in a statement. “We look forward to working with members of both parties to advocate for policies that create an environment where restaurants can thrive as a cornerstone of our communities and our economy.”
Korsmo also weighed in on a Massachusetts ballot measure that seeks to eliminate the tip credit, which allows employers to count workers’ tips toward the minimum wage.
“In Massachusetts, voters overwhelmingly supported tipped workers and restaurant owners by rejecting a misguided proposal to eliminate the tip credit. The landmark vote in Massachusetts continues an unbroken streak for tipped workers and restaurant operators who have fought back for their tipped salary,” Korsmo said.
Alliance for American Manufacturing
The manufacturing trade group issued a hopeful statement after Trump’s victory.
“We hope that American manufacturing jobs will be a priority for the Trump-Vance administration in 2025 and beyond,” said AAM President Scott Paul. “This means a continued strategic application of tariffs; smart investments in industry, innovation and infrastructure; expanding Buy America’s procurement policies and tax rules to encourage domestic manufacturing; and promoting apprenticeships and worker training programs .”
Plan C
Plan C, a nonprofit that provides information to help access abortion drugs in the US, called Trump’s victory a “disaster” for reproductive rights but said “abortion is here to stay.”
“Donald Trump’s second administration is a future disaster for reproductive justice. While we can expect the worst for abortion rights, we also know that no matter what, abortion is here to stay,” the group said in a statement on Wednesday.
“I am horrified to be watching another Trump administration, and I expect this iteration to be much worse for abortion seekers than his first,” said Plan C co-founder Elisa Wells. “But abortion pills are here to stay. Community distribution networks and out-of-state providers will remain intact and abortion pills will continue to come into the country.”
National Women’s Justice Center Action Fund
The Action Fund of the National Women’s Law Center (NWLC), a non-profit organization dedicated to gender justice, called Trump’s victory “a dark day for our democracy.”
The center urged its supporters to “remember that Donald Trump is not a king. He is not a dictator. He is a branch of our democratic government, and he and his administration can be kept in check as long as our people, institutions and those who hold power refuse to bow to its authoritarian tendencies.”