US Presidential Election From Manufacturers to Stock Markets: Industry Reactions to Trump's Victory
The election outcome has been announced: Donald Trump is the 45th president of the United States of America. Now there is a great concern in international associations what this election means for the business.
The biggest fear refers to Trump’s announcements during his election campaign. He is very skeptical of free trade agreements. That, concerning TTIP and TPP, is enough reason for manufacturing associations around the world to be anxious after the election day.
Ulrich Grillo, president of BDI, the Federation of German Industry, demands, that the striving for isolation that could be seen in the election campaign needs to stop: “The uncertainty in the economy is extremely huge. Donald Trump would be well-advised not to isolate the US economy from the rest of the world. Otherwise the ambiguity about the future policy will lead to negative effects for the world economy.”
The German Engineering Association (VDMA) also expects consequences for the climate for investments, if Trump continues with his protectionists proposals: “Of course we do respect this democratic outcome of the election. But, if Donald Trump goes through with implementing his announced measures, he would harm particularly his own country. If the biggest economic power of the world pursues this protectionist course, it will be felt all around the globe. We can only hope that he does not follow up his words with action”, said Thilo Brodtmann, managing director of VDMA.
Following the election of Donald Trump, the American National Association of Manufacturers (NAM) released a letter from more than 1,100 manufacturing and business leaders pledging to help bring the country together after a divisive election. “Tonight marks the end of one of the most contentious elections in our nation’s history. While many are celebrating tonight, others are disappointed—some with the results, some with the process. It’s time for healing, and that work must begin now,” said NAM President and CEO Jay Timmons.
Meanwhile the European and Asian stock markets already reacted: The plunge after the shock is similar to the day after the British Brexit referendum.