Biden Is the Best President That Business Can Hope For
The bleak relationship between the president and corporate America is remarkable given both the state of the economy and the nature of his opponent.
It’s been good for CEOs, too.
Photographer: Michael Ciaglo/Getty Images
No Democratic president since at least Grover Cleveland in the late 19th century has been beloved by American business. But the bleak relationship between Joe Biden and corporate America is remarkable given both the stellar financial market performance during his tenure and the nature of the alternative.
Yes, Donald Trump offers some of what business has always liked about Republicans — vows to lower corporate taxes and reduce regulation — but compared to pre-Trump Republicans, he’s put a lot of distasteful items on the menu. He wants a 60% tariff on all goods imported from China and a 10% tax on imports from elsewhere. Quite apart from any impact on consumer prices, this would crush US exporters who rely on foreign-made intermediate goods and compete with firms in Europe and Asia.