1/9/2024: This week, the former President, Donald Trump, opened the New York Stock Exchange by running the ‘opening bell’ while closing and appeared to chant ‘USA’ excitedly. from the traders and the influential business personalities who are found on the floor.
Trump was joined by a coterie of luminaries, including some of these Republicans; Vice President-elect; JD Vance; his wife Melania Trump; Ivanka and Tiffany; and several CEOs. Other Wall Street CEOs present were David Solomon of Goldman Sachs and Jane Fraser of Citigroup. The nerve was already on the edge—the shout of ‘USA!’ resounding the trading floor as Trump came to the stage.
A Rock-Star Welcome
This was one of the best moments for Trump, who was there to do the bell ringing since he was Time magazine’s “Person of the Year.” At the sound of the bell, Trump addressed the crowd and having made the economy his campaign slogan, boasted on what his presidency would do for the economy. He said that with “fantastic” reductions in taxes and regulations, the U.S. is to become “the number one country in the world for corporate investing and with bonuses for keeping manufacturing jobs in the country.”
Great economy nobody saw before I believe that Trump said with enthusiasm suggesting sweeping changes. His remarks are likely to be cheered by Wall Street elites, who want to see more bailout money pumped into the White House, and those who rejoice in the president’s return to the White House in order to build a Wall Street dream house.
Promising Economic Growth and Tax Cuts
One thing was crystal clear in Trump’s speech: how he wants to rejuvenate the American economy. He again promised to slash corporate taxes down to 15% for businesses manufacturing in the U.S.; this is the same pledge he had made during his first presidency.
“We are going to give tremendous incentives like no other country has,” Trump said, highlighting a cornerstone of his administration: pro-business policies and a drive for growth through deregulation. He also spoke about boosting US oil drilling, claiming that expanded American energy production would lower inflation and reduce prices at the grocery store.
Mixed Reactions and Future Plans
While Trump’s speech garnered praise from his supporters, his comments on the broader economy received mixed reactions. Some Wall Street analysts are optimistic that his return to office will foster a business-friendly environment, while others have raised concerns about potential volatility.
Trump also shared that he has been in talks with major tech CEOs like Mark Zuckerberg and Elon Musk to gain insight into how his administration can better support innovation.
As Trump prepares for his second term, the event at the NYSE solidified his support among Wall Street’s power players. However, the true impact of his proposed economic policies will unfold in the coming months as businesses and voters watch closely for tangible results.
