Stock markets, the dollar and bitcoin rallied in the immediate aftermath of his win, while shares in defence companies, prison operators and Elon Musk's Tesla rose sharply. Meanwhile, renewable energy companies and German carmakers' stocks fell. Here, we consider the outlook for important industries.
Manufacturing and cars Global manufacturers are firmly in Trump's sights. Threatened 10% tariffs on all goods imports - and up to 60% and 100% for China and Mexico respectively - would inevitably be passed on to US buyers, raising prices and depressing import volumes. Pharmaceutical, automotive and chemicals are the most exposed industries because they represent the lion's share of European exports to the US, according to Morningstar DBRS, a credit rating agency. Vaccine makers around the world such as Pfizer, BioNTech and GSK will be watching Trump's appointments closely, after the president-elect indicated he would discuss policy with anti-vaccine ally Robert F Kennedy Jr. In the longer term, more international manufacturers may try to get inside the protectionist wall by building US factories. Jasper Jolly Technology Tech is a crucial industry for the US economy and Trump has already signalled support for the cryptocurrency sector.
But the ever mercurial Trump has also voiced hostility towards important players, for instance saying he would "do something" about Google's power, and threatening Meta's Mark Zuckerberg with jail.
This story is from the November 08, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 08, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Nostalgic, but the humour is right on trend
Amy Annette is the sort of woman who would rather drop her phone than a lovely bit of bread, she tells us by way of introduction
Gyms Working out the best membership deal
Mabel Banfield-Nwachi looks into the prices at the leading chains, and finds the best deals to save money
Gaza Shells and bombs in rubble put thousands of lives at risk, experts warn
Tens of thousands of people will risk death or injury this weekend from shells and bombs buried in rubble when they try to reach ruined homes in areas of Gaza inaccessible throughout much of the 15-month war, explosive disposal experts and aid officials have warned.
Southport killer: police in fight to access web history
Police have been unable to check what Axel Rudakubana was searching online before he murdered three children in Southport because they are locked in a lengthy US legal process to obtain the data from Google and Microsoft, it can be revealed.
Revolution' Trump sets out his radical agenda. But will it work?
This time last week Stewart Rhodes was serving an 18-year prison sentence for seditious conspiracy over his role in a deadly attack on the US Capitol.
'What do I do if I want to kill?' How teenager became a murderer
When Axel Rudakubana returned to school after summer five years ago, something had changed.
UN voices alarm as M23 rebels advance on Goma in eastern DRC
The military governor of North Kivu province in the Democratic Republic of the Congo has died from injuries sustained during the army's fight against the M23 rebel group as it advances towards the city of Goma.
Scientists pinpoint Andes as origin of potato blight that led to Irish famine
It was a disaster that killed about 1 million people, devastating 19th-century Ireland, but while the potato disease behind the Irish famine is well known, a battle has raged over where it originated.
Subsea cables Could Irish neutrality leave infrastructure open to attack?
They are the bedrock of the internet, keeping everything from TikTok to emergency services, business, banking systems and political and military communications running smoothly.
'Tormented' man shot dead by West Mercia police was shown no mercy, says family
The family of Marcus Meade, who was shot and killed by police on Christmas Eve while thought to be having a mental crisis, have said officers showed \"no mercy\" for him, and are calling for \"full accountability\" of those involved.
