There is no doubt that the election of Donald Trump as President of the United States has caused huge controversy both in the United States and across the Globe. He may have been in office for only a short time since winning the election last year, but Donald Trump hits the headlines on a daily basis.
Of course, like every other president, he has his supporters and those who simply cannot comprehend why he is in the Whitehouse at all. Whether you support him or not, one thing you can be certain of is that Trump will definitely make his mark as president in one way or another. His presidency will affect everything from the economy and business through to immigration and international relations.
Some of the ways in which businesses will be affected
There are various ways in which businesses are likely to be affected by the Trump presidency. This includes a combination of both negative and positive effects, which is something you need to bear in mind. Trump has already caused a huge stir in media circles with MSNBC star Morning Joe recently stating that his presidency was ‘the beginning of the end’. However, it won’t be all bad news for businesses despite the scaremongering that has been taking place.
So, let’s take a look at the impact that Donald Trump’s presidency is likely to have on SMEs in the United States:
- Business taxes: One of the effects on businesses under the Trump Administration will result from the change in business taxes. Unlike Clinton, Trump is cutting taxes for high earners as well as low and average earners. In terms of businesses taxes, the cuts will benefit larger businesses and medium size businesses, as all businesses will pay a flat 15 percent. However, small businesses often pay less than this in taxes, which is where things could get messy.
- Healthcare: There has been a lot of controversy and concern over Trump’s plans for healthcare in the United States. This is something that has been causing concern for both individuals and businesses. The recent approval of the American Health Care Act means that reforms and changes to Obamacare that so many have become used to are already in the pipeline. This will have an impact when it comes to business healthcare but it will be a while before the full effects are seen.
- Hiring immigrants: Pretty much the whole planet is aware of Trump’s views and plans on immigration. Many businesses in the United States have become used to hiring immigrants over the years but this will become increasingly difficult under Trump’s presidency. However, it is good news for Americans, as it should help to create more job opportunities for American citizens. It could, however, prove costly to many businesses.
- The minimum wage: For some months, there has been speculation over whether Trump would increase the minimum wage or not on a national basis. Well, he has recently stated that he is ‘open’ to doing something about this, so it looks as though there will be an increase in the minimum wage. However, many believe that the increase will not be as high as it would have been had he not been in office. So, that’s potentially good news for business owners but not so great for workers in minimum wage jobs.
- Trade agreements: An executive order that was recently signed will see the Trump Administration renegotiating some trade agreements. Depending on the nature of your business and what the renegotiations are, this could also have an impact on business. Whether this would be negative or positive remains to be seen.
Of course, it is important to remember that Donald Trump is not just the President of the United States – he is also a business entrepreneur and hotel magnate, which has been his main focus for many decades. Therefore, whatever effects his policies have on other businesses, his own businesses will be subjected to the same. With this in mind, many believe that his recent announcement with regards to policies will benefit businesses more than they will harm them.
Conclusion
Ever since he decided to run for President, Trump has been at the center of much controversy on a regular basis. His time in office will undoubtedly affect the United States in many ways. Businesses of all sizes will feel the impact of his presidency, but the good news is that this will include a positive impact as well as the negative. It is important to remember that Trump is still in the early part of his presidency, so changes are likely to be ongoing. However, it is also worth bearing in mind that, unlike many other former presidents, Trump is also a businessman.
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