New year, new presidency. With the presidential election having been decided and Inauguration Day inching closer and closer, it’s time to start thinking about what the next four years have in store. Of course, four years is a long time and also a lot to think about, especially for business owners. Navigating the current regulatory and legislative landscape can already be a battle, let alone navigating an entirely different presidential administration. A number of different questions and uncertainties can arise during this time, and, for some, it can all start to feel a bit overwhelming.
If this sounds like you, don’t worry: you’re not alone. At Payday HCM, we’ve had plenty of clients dealing with this exact uncertainty and stress. It’s a complex issue: you want to be able to plan ahead for the new year and map out your business strategy for the days ahead, but you also need to be prepared for things to change. Without the proper guidance and support, this task can become even more difficult. A good first step is to change our framing: four years is a long time, but thirty days seems a bit more manageable.
In this article, we’re going to look at what small businesses can potentially expect from President-elect Donald Trump’s first thirty days in office. We’ll take a look at all the various changes that Trump has promised along the campaign trail and in the months leading up to Inauguration Day. We’ll compile these different things into a brief but detailed list of what small businesses can expect to see heading into those first thirty days. By the end, you’ll have a better picture of what the weeks ahead will hold and more confidence in how to plan accordingly.
In this article, you will learn:
- Trump’s Immigration Plans And Their Impacts On Small Businesses
- How Energy Policies May Be Impacted During Trump’s First Thirty Days
- Potential Economic And Regulatory Changes In Trump’s First Thirty Days
Trump’s Immigration Plans And Their Impacts On Small Businesses
.One of the biggest issues Trump has promised day-one action on is immigration. We take a look at the potential actions he could take and how they could impact businesses.
Immigration Policies In The First Thirty Days
Trump has promised quick action on his immigration policy campaign promises. According to NBC, Trump is expected to sign about five executive orders surrounding illegal immigration. These efforts will be directed at beginning what Trump previously called at a rally in New York “the largest deportation program in American history,” according to PBS.
According to the National Law Review, the actual actions contained within these executive orders could include reinstatement of practices that would increase case denials through the U.S. Citizenship and Immigration Services, termination of programs like Temporary Protected Status, increased audits and worksite visits, and potential travel restrictions.
Impacts for Small Businesses
The impacts of these actions could vary. When it comes to their purpose, these actions are aimed at increasing the amount of job opportunities for U.S. citizens amid a cooling labor market. His proposed ending of birthright citizenship and subsequent replacement of a merit-based system would focus on workers who possess things like “valuable skills” and “advanced education.”
For employers, this could create difficulty in things like hiring or retaining current H1-B employees, potentially disrupting DACA recipients, increasing I-9 audits and workplace raids, as well as increasing the amount of time and paperwork required for visa petitions. Trump’s larger plans for a bigger deportation event would likely stretch beyond his first thirty days and require congressional approval.
How Energy Policies May Be Impacted During Trump’s First Thirty Days
A large component of Trump’s proposed efforts to combat high prices for both consumers and businesses is enacting changes to U.S. energy policy. We’ll go over what you could potentially see in his first thirty days.
Energy Policy In Trump’s First Thirty Days
Trump’s energy policy largely revolves around undoing what President Joe Biden has done during his term, including passing new subsidies for electric vehicles and solar and wind power through the Inflation Reduction Act, removing the pause on liquid national gas exports, and limiting regulations surrounding domestic energy production.
These actions mainly revolve around decreasing energy prices (and decreasing prices generally), as well as spurring domestic energy production and energy-related jobs. This would build on the work Trump did in his first terms, which saw the U.S. boosting energy production and helped to lower gas prices.
Small Businesses And Trump’s Energy Policy
The biggest impact small businesses could expect to see from Trump’s proposed energy policy changes would be a broad decrease in costs: if energy prices drop, the general cost of producing most goods would drop as well.
In his first thirty days, though, these effects probably won’t be seen. Things like limiting electric vehicle subsidies (which would be difficult given its passage within legislation) or removing pauses on LNG exports would take time to feel the effects. Aside from businesses working directly in the energy sector—especially those in the renewable energy business—effects from these actions would likely not be felt until after his first thirty days.
Potential Economic And Regulatory Changes In Trump’s First Thirty Days
Finally, arguably the most important sector of policy that could impact businesses, we’ll dive into what sorts of changes businesses could potentially see during Trump’s first thirty days.
Tariffs And Deregulation
Trump’s first term was largely defined by actions taken to deregulate certain actions of the government, and his next term is looking to build on those efforts. By instating Elon Musk and Vivek Ramaswamy to run his new Department of Government Efficiency intiative, Trump will look to reduce the amount of regulatory hoops that businesses have to jump through as well as the general “bloat” of the federal government.
In addition to this, Trump has also talked about imposing stiff tariffs against countries like China, Mexico, and Canada. According to BBC, this includes an across-the-board 10% tariff on all imported goods as well as a 60% tariff on goods from China; he has also floated the possiblity of a 25% tariff on goods from Mexico.
How Tariffs And The DOGE Initiative Will Impact Small Businesses
With tariffs, it’s somewhat easier to see what kinds of potential impacts you can see on small businesses, especially given these are things Trump has talked about enacting in his first day in office. These tariffs will increase prices on imported goods, potentially resulting in higher costs for businesses across the board.
The DOGE initiative’s impacts are a bit harder to measure. They have certainly established they plan on acting fast, but depending on what they’re actually able to do will determine what businesses can expect to see. If the initiative is able to cut government spending, this could potentially boost government investment in small businesses, but these effects would take longer than the first thirty days to feel.
Navigate Your Small Business With Confidence
The start of anything can be stressful. Whether you’re starting a new job or moving to a new city, starting can be a nerve-racking and stressful task. The start of a new presidential administration is no different. As a business owner, you need to ensure you have all the proper tools and knowledge to navigate a new landscape as the regulatory landscape shifts. It can feel like a lot at times, but with the knowledge provided in this article, you’ll have the tools you need to approach those first thirty days with confidence.
Of course, this isn’t an exhaustive list of all the various legislative and regulatory changes that could come in 2025 that might impact your business. Check out our other article on the healthcare trends and legislative issues you need to know about heading into 2025.
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