Jamie Spencer
Former President Donald Trump’s return to the White House after his victory in the 2024 election has elicited varied responses across the U.S. business and nonprofit sectors. With promises of significant corporate tax cuts, deregulation, and new tariff policies, reactions range from enthusiastic support among corporate leaders to grave concern from social advocacy groups.
Corporate Leaders Back Trump’s Agenda
Trump’s campaign commitments included reducing the corporate tax rate from 21% to 15%, which would be one of the most substantial tax cuts in modern history. This pledge has sparked optimism among major business figures.
Elon Musk, the CEO of Tesla and a vocal supporter of Trump, celebrated the outcome on X (formerly Twitter), saying, “The people of America gave @realDonaldTrump a crystal clear mandate for change tonight.” Musk, mentioned by Trump in his victory speech, is expected to play a role in a new government efficiency commission.
Marc Andreessen, co-founder of Andreessen Horowitz, mirrored Musk’s sentiment, stating, “It’s time to build.” His focus on innovation aligns with Trump’s deregulatory stance that could benefit the tech and venture capital sectors.
Jeff Bezos, CEO of Amazon, also voiced his support, marking a notable shift in tone. He wrote on X, “Big congratulations to our 45th and now 47th President on an extraordinary political comeback and decisive victory. Wishing @realDonaldTrump all success in leading and uniting the America we all love.”
Financial Sector’s Response
JPMorgan Chase released a statement recognizing Trump’s win, with CEO Jamie Dimon calling for unity and a focus on economic challenges. The bank reaffirmed its commitment to bipartisan cooperation as it anticipates policy shifts that may impact financial regulation and economic policy.
Industry Groups Express Optimism
The National Restaurant Association congratulated Trump and Vice President-elect J.D. Vance, emphasizing a commitment to fostering a favorable business environment. The group’s president, Michelle Korsmo, highlighted the success of Massachusetts voters in preserving the tip credit, which she linked to broader support for restaurant operators.
The Alliance for American Manufacturing shared a statement hoping for renewed focus on domestic manufacturing. AAM President Scott Paul underscored the importance of tariffs, infrastructure investments, and policies to spur U.S. industry growth under the new administration.
Social Advocacy Groups Express Concern
While corporate and industry leaders expressed optimism, social advocacy groups voiced apprehensions, particularly on issues related to reproductive rights.
Plan C, a nonprofit focused on access to abortion medication, labeled Trump’s second term a “disaster” for reproductive justice but affirmed that abortion pills would remain available through community networks and overseas providers. Elisa Wells, co-founder of Plan C, said, “I’m horrified to be looking at yet another Trump administration… but abortion pills are here to stay.”
The National Women’s Law Center (NWLC) Action Fund described Trump’s win as “a dark day for our democracy,” urging supporters to resist any authoritarian measures and emphasizing that Trump’s presidency can be balanced by active civic engagement and institutional checks.
