Former President Donald Trump, now reelected to a second term, has vowed to enact business-friendly policies, including sharp corporate tax cuts, higher tariffs and swift deregulation.
He says he’ll cut the corporate tax rate by 6%, from its current 21%, to 15%, leading to greater profitability for companies. Such a substantial cut would mark the sixth-biggest tax cut since 1940, according to a Tax Foundation analysis.
During the presidential campaign, Trump’s support for reducing regulations on businesses helped him clinch support from some of the nation’s most prominent business leaders. Here’s how CEOs, nonprofit leaders and business groups are reacting to Trump winning the election.
Elon Musk
Elon Musk, who campaigned for Trump, poured millions into helping him get re-elected and whom Trump mentioned in his victory speech, praised the election outcome in a statement on X Wednesday.
“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” he said.
Marc Andreessen
Marc Andreessen, co-founder and general partner of Andreessen Horowitz, a Silicon Valley venture capital firm, echoed a post by Musk on X which said, “America is a nation of builders. Soon, you will be free to build.”
“It’s time to build,” Andreessen posted.
Jeff Bezos
Amazon CEO Jeff Bezos was also quick to praise Trump’s win.
“Big congratulations to our 45th and now 47th President on an extraordinary political comeback and decisive victory. No nation has bigger opportunities. Wishing @realDonaldTrump all success in leading and uniting the America we all love,” he wrote on X Wednesday.
JPMorgan Chase
JPMorgan Chase, the largest U.S. bank by assets, issued a statement to employees following Trump’s election win. The bank’s operating committee, which includes CEO Jamie Dimon, congratulated Trump as well as Vice President-elect JD Vance. Dimon said it’s now time to “begin the work of bringing our nation together and focusing on the pressing economic and global issues before us.”
The financial giant added that it “has a long history of working across the political spectrum and looks forward to engaging the new administration and elected officials in both parties.”
National Restaurant Association
“We congratulate President-elect Donald J. Trump and Vice President-elect J.D. Vance, and the newly elected members of the U.S. Senate and House,” National Restaurant Association president and CEO Michelle Korsmo said in a statement. “We look forward to working with members of both parties to advocate for policies that create an environment where restaurants can thrive as a cornerstone of our communities and our economy.”
Korsmo also weighed in on a Massachusetts ballot measure seeking to eliminate the tip credit, which lets employers count workers’ tips toward the minimum wage.
“In Massachusetts, voters overwhelmingly supported tipped employees and restaurant owners by rejecting a misguided proposal to eliminate the tip credit. The decisive vote in Massachusetts continues an unbroken streak for tipped employees and restaurant operators who have fought for their tipped wage,” Korsmo said.
Alliance for American Manufacturing
The manufacturing sector trade group issued a hopeful statement following Trump’s victory.
“We hope that American manufacturing jobs will be a priority for the Trump-Vance administration in 2025 and beyond,” AAM President Scott Paul said. “That means a continued strategic application of tariffs; smart investments in industry, innovation, and infrastructure; expanding Buy America procurement policies and tax rules to spur domestic production; and boosting apprenticeships and worker training programs.”
Plan C
Plan C, a nonprofit that provides information to help access abortion medication in the U.S., called Trump’s win a “disaster” for reproductive rights, but said that “abortion is here to stay.”
“Donald Trump’s second administration is an incoming disaster for reproductive justice. While we can expect the worst for abortion rights, we also know that no matter what, abortion is here to stay,” the group said in a statement Wednesday.
“I’m horrified to be looking at yet another Trump administration, and expect that this iteration will be much worse for abortion seekers than his first,” Plan C co-founder Elisa Wells said. “But abortion pills are here to stay. Community distribution networks and overseas providers will remain intact, and abortion pills will continue to come into the country.”
National Women’s Law Center Action Fund
The National Women’s Law Center (NWLC) Action Fund, a nonprofit dedicated to gender justice, called Trump’s win “a dark day for our democracy.”
The center urged its supporters to “remember that Donald Trump is not a king. He is not a dictator. He is one branch of our democratic government, and he and his administration can be kept in check so long as the people, our institutions and those who hold power refuse to bow to his authoritarian tendencies.”