With President-Elect Joe Biden set to take office in January, Bloomberg journalists and analysts have put together some predictions about how the Biden administration will affect U.S. industries.
Biden's win could hasten federal legalization of cannabis, allowing producers better access to capital from lenders and electronic banking, Kevin Miller and Melinda Grenier report.
For manufacturers, "major watch items include perennial concerns such as taxes and regulation, as well as trade -- especially whether Biden will seek to improve global ties after four years of tensions stoked by Trump," Miller and Grenier report. Defense contractor spending is likely to be similar under Biden because of global threats and because building planes and ships helps the economy.
Biden aims to expand coverage and subsidies under the Patient Protection and Affordable Health Care Act, which will help more people afford it, and says he will roll back some of the Trump administration's changes that weakened it. He wants to create a public option like Medicare to compete with private insurers. That could free small businesses from having to provide health insurance to employees, Miller and Grenier report.
"Any Biden rollback of tariffs on Chinese goods could clear the way for more shipments of U.S. farm products to Asia," Miller and Grenier report. "But there’s concern a transition away from oil under Biden could erode demand for corn- and soy-based biofuels, which are mixed in with petroleum-based motor fuels. Some more left-leaning Democrats also may try to take a harder line against big agriculture companies. Senators Elizabeth Warren and Cory Booker have said the U.S. response to coronavirus outbreaks at meat plants this year was 'feckless.'"from The Rural Blog https://ift.tt/3n4yQHh Analysts predict what's coming for farming, mining industries and more under the Biden administration - Entrepreneur Generations
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