It’s highly likely that the 2024 presidential election will see a rematch between President Joe Biden and former President Donald Trump. With less than eight months until Election Day, you might be curious about their positions on key business issues.
Artificial Intelligence Regulations
Biden’s Perspective:
Last year, Biden enacted a groundbreaking executive order to initiate the regulation of artificial intelligence, prioritizing safety, security, and trustworthiness. The goal is to establish guidelines for this evolving technology while maintaining America’s competitive advantage.
He’s evaluating AI’s impact on the American workforce amidst concerns of widespread job displacement and has issued directives for companies to label AI-generated content.
Trump’s View:
During his presidency, Trump signed an executive order to bolster American AI research investments and set guidelines for government use of the technology. He supported a national AI research institute and praised its potential to stimulate the economy.
However, he has since become more critical, particularly after experiencing various deepfakes himself. Trump labeled AI as “scary” and emphasized the need for action during an interview.
Health/Medical Care Policies
Biden’s Approach:
Biden advocates for strengthening the Affordable Care Act, enacted during his vice presidency. His administration focuses on reducing prescription drug costs, implementing the Inflation Reduction Act to cap insulin prices, and allowing medicare to negotiate some drug prices directly.
New executive rules target “junk” health insurance plans and surprise medical billing. While personally “not big on abortion” due to his Catholic faith, he upholds Roe v. Wade’s standard. Despite its overturning, his administration safeguards access to contraception and medication abortion through executive orders and federal guidance.
Trump’s Strategy:
Trump attempted to repeal and replace the Affordable Care Act, but only repealed the individual mandate. He signed legislation banning most surprise medical billing and approved drug imports from Canada to lower prices.
Campaign promises include protecting Medicare, Social Security, and pre-existing conditions. His Supreme Court picks led to Roe v. Wade’s reversal, and he reportedly favors a ban on abortions after 16 weeks.
Immigration Policies
Biden’s Perspective:
Biden has reversed several of Trump’s immigration policies, including raising the refugee cap, easing Covid-era restrictions on legal immigration, and reinforcing the Deferred Action for Childhood Arrivals program. In 2021, he proposed an immigration bill to Congress to increase immigration levels and offer a path to legal status and citizenship for over 10 million undocumented immigrants.
In 2022, his administration expanded the maximum stay for certain J-1 visa holders in STEM fields and proposed changes to the H-1B visa program to prevent fraud and clarify eligibility criteria, potentially increasing costs for employers.
Trump’s View:
Trump advocated for a tough stance on immigration, campaigning on building a U.S.-Mexico border wall, which was partially realized during his term.
He implemented the controversial policy of separating migrant parents from their children and enforced a rule requiring asylum seekers to wait in Mexico. His administration increased denials of H-1B visas and attempted to dismantle the program, facing legal challenges that blocked regulatory changes.
Inflation Views
Biden’s Perspective:
Biden attributes global inflation to pandemic effects, supply chain disruptions, and the Ukraine conflict. Inflation surged to 9.1 percent in June 2022 from 7 percent upon his inauguration.
He signed the Inflation Reduction Act in August 2022, aiming to mitigate costs by investing in sectors like clean energy. However, the Federal Reserve’s interest rate hikes have been the main counterinflationary measure.
Trump’s View:
Trump proposes boosting gas production to combat inflation, as fuel is a major contributor. Despite pledges to lower inflation, his tax and immigration policies may aggravate the issue.
Tax Policies
Biden’s Tax Proposals:
In his 2024 budget proposal, Biden suggests raising the child tax credit to $3,000 and reversing Trump’s tax cuts for individuals earning over $400,000. Additionally, he plans to close tax loopholes, raise the corporate income tax rate to 28%, and increase taxes on foreign earnings.
Trump’s Tax Agenda:
While president, Trump enacted significant tax code overhauls, including the 2017 Tax Cuts and Jobs Act. Popular provisions of this act, including cuts beneficial to small businesses, are set to expire in 2025. Trump’s reelection campaign focuses on tax cuts for working-class families and small businesses, with potential further reductions in corporate tax rates.
Trade Policies
Biden’s Trade Agenda:
Biden prioritizes a worker-centered trade policy, emphasizing worker rights, wage growth, and combating forced labor in supply chains. Environmental concerns are also central, with initiatives to enhance environmental protections and expand partnerships, exemplified by the trade pact with Taiwan.
While maintaining some of Trump’s tariffs on China, Biden explores tariff adjustments to address inflation.
Trump’s Trade Strategy:
Trump’s “American First trade plan” advocates for a uniform 10% tariff on all imports, penalizing companies outsourcing to China. He proposes cutting reliance on Chinese imports within four years and lowering taxes on U.S. producers for greater self-sufficiency.
