President-elect’s stance on trade, infrastructure and taxes reshapes firms’ prospects.
By Ted Mann, Bradley Olson and Andrew Tangel
Executives world-wide encountered a political and economic landscape radically changed by Donald Trump’s surprise election, which reverberated through the energy, health-care and manufacturing sectors.
U.S. businesses braced for revamped trade pacts and a potential crackdown on overseas operations, coupled with the promise of lower taxes, lighter regulation and higher infrastructure spending at home. Executives in Asia and Europe said they were hopeful their close ties with the U.S. economy would endure the political upheaval and heated campaign rhetoric.
For the energy industry, Mr. Trump’s victory fanned expectations that he would clear the path for new pipelines, end U.S. participation in global climate change pacts and undo environmental regulations to boost American coal mining.
Scott Sheffield, CEO of Pioneer Natural Resources Co., said Mr. Trump would perk up the country’s stagnant drilling boom by making it easier to build pipelines that unlock areas rich in oil and gas. “His message about creating jobs is why he broke the blue wall” and attracted votes from Democrats in some states, Mr. Sheffield said.
Continental Resources Inc. chief Harold Hamm, Mr. Trump’s chief adviser on energy issues, said subsidies for renewable energy like solar and wind, and credits for electric cars, should be eliminated. “None of it should be subsidized, none of it,” Mr. Hamm said Wednesday. “If it makes it in the market, fine.”
To read the complete article, please visit nasdaq.com