Trump's second term could reshape U.S. business landscape with tariffs and Musk's influence

Donald Trump’s recent election victory could reshape American business, particularly through his appointments and proposed tariffs. His potential selection of Elon Musk for a government role may influence policies affecting Musk's companies, including Tesla and SpaceX. Trump has suggested imposing a 10% tariff on all U.S. imports and a 60% tariff on Chinese goods. These tariffs could raise consumer prices and impact the economy, with estimates of significant job losses and reduced purchasing power for Americans. Investors reacted positively to Trump's plans, boosting shares of major banks. He aims to lower corporate taxes and ease regulations, while also planning to replace key financial agency leaders. His administration may further support the oil and gas sector by lifting restrictions on exports and drilling.