What does Donald Trump’s return to the White House mean for business?

Donald Trump notched convincing wins in several battleground states and slashed Democratic majorities in deep blue counties to beat Kamala Harris in the US election for the next President.

Taking to the stage on Wednesday morning (CET), Mr Trump told supporters that he will help usher in “a new golden age” for the United States, promising, of course, to “make America great again.”

“Every single day,” Mr Trump said, “I will be fighting for you with every breath in my body.”

As at the time of writing, he had 267 of the 270 electoral college votes required. With Ms Harris’s chances of a late upset effectively slim to none, several media outlets have called the race for Mr Trump, welcoming him as the 47th President of the world’s largest economy.

Although the US economy remains on a path of growth, inflation has been curbed, and the job market remains hot, many people nonetheless report that the economy is not working for them.

Mr Trump’s economic platform promises some major changes, including high tariffs on imports, an elimination of taxes on tips and Social Security benefits, and a reduction of the corporate tax rate.

He argues that tariffs – said to be between 10 and 20 per cent for all imports and up to 60 per cent on Chinese goods – will protect American jobs and reduce the nation’s reliance on foreign imports.

Mr Trump has stated that these policies would not lead to higher prices for Americans, asserting that the costs would instead fall on foreign producers. His previous term saw tariffs imposed on steel and aluminum, which he justified on national security grounds.

Trump has also proposed an extension of tax cuts passed in 2017, as well as a reduction in corporate tax rates from 21 per cent to 15 per cent, claiming that this would stimulate job growth, particularly for small businesses.

Economists have projected that Mr Trump’s tax cuts could increase the national debt by $5.8 trillion over the next decade.

Energy costs are a central issue in Mr Trump’s campaign. He has pledged to cut Americans’ energy expenses in half within a year, citing energy production as essential to lowering inflation. He has also proposed expanding oil and gas drilling, while easing restrictions on power plants, as a way to drive down fuel prices, suggesting gas could fall below $2 per gallon with increased domestic supply.