American businesses have benefited under President Donald Trump thanks to tax reductions and relaxation of many regulations.
`More and more people believe that for good business and good economic growth, you need a practical, effective government,` said Deepak Malhotra – Professor at Harvard Business School.
Logically, investors and business leaders will not be too optimistic about the prospect of Biden entering the White House.
US President Donald Trump and Democratic candidate Joe Biden.
However, as more and more businesses became dissatisfied with President Trump, including Trump’s continued attacks on the credibility of the election, they began to question their support for a second term.
In a survey of CEOs conducted by the Yale School of Management at the end of September, 77% of participants supported Biden.
Last month, Malhotra also posted a letter urging business leaders to say what he said was what many people were thinking.
The fact that Biden is not considered a threat to business is a plus for him.
However, the real turning factor was concerns about Trump weakening democracy and hinting that he might not accept the election results if he lost, Malhotra said.
`The stable and peaceful transfer of power – whether it’s a president’s second term or a new person’s first term, is a testament to America’s 244-year history of independence,` said JPMorgan Chase CEO Jamie Dimon.
However, Trump still receives support from many business leaders.
A UBS survey of 500 business leaders and investors, conducted in mid-October, showed that 55% of business owners wanted Trump to win.
However, no matter who wins, he or she will face the task of pulling the US economy out of the current deep hole, in addition to extinguishing the pandemic.
Economists also warn that the US cannot escape the current situation.
This week, America will receive many important events.
Another optimistic news is that regardless of who wins the election, the US Federal Reserve (Fed) is expected to still be ready to support the economy.
`We think the Fed will remain calm regardless of the election outcome,` said Deepak Puri, Chief Investment Officer at Deutsche Bank Wealth Management. `We don’t think monetary policy will change anytime soon.`