Trump 2.0: Possible Winners and Losers

President-elect Donald Trump will take office in January 2025 with Republican control of both the Senate and the House and with a conservative-leaning Supreme Court. The president-elect has moved quickly to appoint cabinet members, agency heads and other advisers who share his vision for the United States and on whom he will rely to fulfill his campaign promises on immigration, trade, energy and climate, tax and regulatory reform, and foreign policy, among other issues. He has also appointed individuals to new roles (e.g., so-called energy and border czars) and created a Department of Government Efficiency (DOGE) to make recommendations to the White House regarding ways to make government more efficient. He also plans to form a cryptocurrency advisory council. 

CEOs are looking forward to 2025 with renewed optimism with the expectation that business conditions will improve.^[1] This sentiment is notwithstanding cautions from notable economists that the strategies of a second Trump administration may keep interest rates high and lead to inflation, ^[2] along with concerns that potential policy shifts in areas like tariffs and corporate taxes may impact some sectors negatively, and the likelihood that progressive states will take steps to respond to federal actions on various issues (particularly those pertaining to civil rights) and address gaps in regulation and the environment.