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China And The US As Economic Competitors Essay

Business Article Summary and Review

A Reuters (2024) article from November 2024 discusses the economic impact of a Trump administration on US business. Among other aspects of the impact are the effects of tariffs, new energy policies, labor, de-regulation, and technology. But perhaps most importantly, the article highlights how Trump plans to place Elon Musk at the head of a government efficiency program to eliminate government waste. All of this means that there could be sweeping economic headwinds and tailwinds for US business.

First, is the decision to eliminate waste. Reuters (2024) reports that Trump plans to slash $2 trillion from the federal budget. This could be a serious blow to government contractorsor, it could open the way to re-investment in the American economy. It remains to be seen what will happen.

More importantly is the issue of tariffs. Trump has been apparent about his plan to impose 60% tariffs on China. This could have an enormous impact on supply chains . It could also lead to retaliation. In the globalized economy, tariff war can be very...

The goal is to get businesses to invest in American made products and to get American industry revitalized. Again, it remains to be seen whether this strategy will work or not.

Trump also plans to lift restrictions on oil drilling, according to the Reuters report. This could...

…decisions about whether they should expand, contract, stay the course, engage in research and development, and so on.

There will also be the corporate social responsibility aspect to consider. CSR has become a big issue in business and economics, but with a Trump administration, it could be seen as less important. Trump has made clear that he does not like the woke agenda, and some leaders may see it is an opportunity to eliminate some CSR programs. That could be a boon to the bottom line, or it could be a problem for communities and consumers. The impact of all this on business and economics, not just in the US but also in the whole world, will be…

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References

Goldberg, P. K., & Reed, T. (2023). Is the global economy deglobalizing? If so, why? And whatis next?. Brookings Papers on Economic Activity, 2023(1), 347-423.

Reuters. (2024). How Trump's second administration affects business: Musk, tariffs and more.

Retrieved from https://www.reuters.com/world/us/how-trumps-second-administration-affects-business-musk-tariffs-more-2024-11-06/ Zhao, L., Liu, J., Li, D., Yang, Y., Wang, C., & Xue, J. (2022). China's green energy investmentrisks in countries along the Belt and Road. Journal of Cleaner Production, 380, 134938.

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