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What you need to know
- Donald Trump, the president-elect of the United States, rang the New York Stock Exchange’s opening bell on Thursday and then walked around the floor. He was the first to do so.
- Trump, flanked by members of his family, nominees for the cabinet and senior executives from large companies, promised to lower taxes and accelerate the approval process when it comes to investments.
- He expressed his support to the development of artificial Intelligence through investments in energy projects.
- Trump’s second-time selection as Time Magazine’s “Person of the Year” coincided with the event. The title was awarded to him in 2016, after he had won his first election.
Donald Trump, in front of a raucous crowd of New York Stock Exchange investors on Thursday, promised lower corporate taxes as well as expedited permitting.
Trump, surrounded with family members and nominees for cabinet positions, including possible Treasury Secretary Scott Bessent, and potential Health Secretary Robert F. Kennedy, Jr., rang opening bells at NYSE, and was warmly welcomed by business and trading leaders. Goldman Sachs’ (GS) David Solomon, Citigroup’s Jane Fraser and Verizon (VZ), Hans Vestberg, were all present.
“We’re going to be cutting taxes still further,” Jim Cramer of CNBC spoke with Trump from the trading floor. “You pay 21 [percent] if you don’t build here … and if you do we’re going to try getting it down to 15 percent, but you have to build your product, make your product in the U.S.A.”
Trump has also stated in earlier remarks in the morning, that he intends to give “a very expedited approval process” You can also find out more about the following: “anyone investing a billion dollars or more.” Trump proposed this initiative first in a Truth Social posting on Wednesday.
The First President-Elect Visits the Exchange
Thursday's NYSE event coincided with Trump being named Time Magazine’s Person of the Year for the second time. The title was first awarded to Trump in 2016, following his second successful presidential campaign.
Trump was the first elector to visit the exchange. Ronald Reagan was the first president in office to visit the stock exchange. This happened in 1985. George W. Bush is the only president to have visited the exchange during his tenure. He made a surprising visit in 2007.
Trump has a reputation for being more attentive to the stock market than previous presidents. He boasted on Wednesday that both the stock market and economy were doing well. “had the best three years ever until COVID came in.” He said that the stocks recovered after their COVID sale-off by January 2021, when he leaves office.
Support for AI Development
Trump also stated his intention to encourage the advancement of artificial intelligence (AI) in America. “We’re going to be way ahead of AI, and we’ve got to produce tremendous amounts of energy,” he added. Lee Zeldin is his nomination to be the head of the Environmental Protection Agency. “give us very fast approvals.”
Trump’s response was cautious. When asked if his presidency would lead to more investors buying stock, Trump remained cautious.
“I don’t want to get in a situation where they do and we have a dip or something, because that can always happen,” He said. He expressed his confidence in the incoming government. “I think you're going to have some great days ahead," he said.
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