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.
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This story is from the November 08, 2024 edition of The Guardian.
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