As the US election in 2024 approaches, former President Donald Trump and Vice President Kamala Harris are set to engage in a presidential debate on ABC on September 10. The outcome of this election could spell significant changes for various sectors, including airlines, banks, electric vehicle manufacturers, healthcare companies, media firms, restaurants, and tech giants.
In his previous term, Trump reduced corporate tax rates, implemented tariffs on Chinese goods, and worked to reduce regulation. If he is re-elected, he is expected to continue these policies. Harris, on the other hand, has suggested increasing the corporate tax rate from 21% to 28%, a decision that would need congressional approval. Business executives anticipate that Harris would continue President Joe Biden’s policies, including his fight against so-called junk fees across industries.
Various sectors are bracing themselves for the potential impact of this election. For airlines, the results could influence everything from passenger rights during flight disruptions to the cost of building aircraft in the US. The banking industry faces potential changes to regulations affecting credit cards and overdraft fees, which could threaten billions of dollars in revenue. Electric vehicle manufacturers could also experience significant changes in regulations and incentives depending on the election results. The healthcare sector, media industry, and restaurant business are also awaiting the election outcome and its potential impact on their operations.
For tech giants, the election could challenge the regulatory environment around artificial intelligence. Generative AI, which allows consumers to generate text and images from simple queries, presents safety and privacy concerns. The Trump administration might challenge a Securities and Exchange Commission rule requiring companies to disclose cybersecurity incidents, while a Harris administration might continue to scrutinize the AI models of companies like OpenAI and Anthropic.
As we approach the election date, the country awaits the potential changes these two drastically different options could bring. The ramifications of the presidential race won’t be clear until the winner begins appointing key bodies including the Treasury, Justice Department, Federal Trade Commission, and Consumer Financial Protection Bureau.
