Many top executives on Wall Street, the heart of the US stock market, are holding off on endorsing either US presidential candidate because they are worried about both Kamala Harris and Donald Trump. Reuters writes about this after speaking with two dozen investors.
Some of his colleagues, such as George Soros, Bill Ackman AND John PaulsonThey have already decided on their favorite, but the rest are still weighing the politicians’ economic programs.
In his opinion, despite a successful record of implementing policies that favored Wall Street, Republican Trump could become a threat to economic and political stability. As he did during his first term, he promises to cut taxes and regulations, but most managers believe the benefits will be negated by his planned import tariffs, which could trigger inflation, while tax cuts could widen the deficit. United States budget.
On the other hand, Democrat Harris remains an incomprehensible figure for them; it also risks becoming “too leftist” and may continue the harsh policies of the current president; joe biden in relation to larger corporations. He has so far touched little on financial policy in his speeches, but he has already promised to take a tough stance on the banks and fight against hidden banking fees. Harris’ program would raise taxes on large businesses, hurting their revenue but helping to reduce the projected budget deficit.
Many corporations, Reuters writes, would prefer that Harris be elected president and that Republicans take control of the Senate (currently dominated by Democrats). Financiers hope such a setup will prevent Democrats from raising taxes and force Harris to choose moderate candidates for leadership positions.
Employees at many of America’s largest tech corporations are much more likely to support Harris than Trump, the agency previously wrote, citing the results of an OpenSecrets study that calculated the volume of donations to both of their election campaigns. candidates.
“Most expect Trump to pick up where he left off, which is certainly more populist, protectionist and aggressively deregulatory.” — he told Reuters Bruce Melmanpartner at the bipartisan lobbying firm Mehlman Consulting.
According to him, financiers are trying to understand “who Harris is and what he believes.”
In addition to complaints against Trump for undermining democracy and the rule of law, many financiers are unhappy with his role in restricting abortions, the executive director of the Structured Finance Association lobby group told the agency. michael brilliant. According to him, many will vote “with their hearts” for Harris, RBC clarifies.
