The U.S. economy looks shaky, and corporate America is beginning to sweat. This would be a good time for them to hear some sweet nothings from POTUS.
The business world has tried to keep its cool in the Trump administration’s first 100 days. But some warning lights are beginning to flash on the U.S. economic dashboard, and markets are showing some strain.
This is the bargain much of the business world made with President Donald Trump: Sign up for chaos and the threat of trade wars, but hope for a whole lot of deregulation and hanging onto big tax cuts from Trump’s first term.
Trump’s address tonight will be a high-profile opportunity for corporate America to receive a coherent economic vision or, barring that, a fresh list of things to worry about.
Here’s what industry leaders will be listening for during the joint address.
Tax watchers: Republicans are taking steps to move Trump’s agenda and trillions of dollars in tax cuts on Capitol Hill. Trump has, at times, given some clarity on what he wants in that bill and left GOP lawmakers guessing at other times.
We’re sure businesses and Republican lawmakers alike would love some strong statements from Trump on how and when he wants this tax bill done.
The business world is going to be keeping an ear out for whether Trump says anything about tax bill timing — does he need it ASAP? Plus, if Trump weighs in on making the 2017 tax cuts permanent in the bill.
Then there’s Trump’s expensive wish list of new tax cuts — plus a couple of smaller revenue raisers — that the White House said he’s pushing for in the tax bill. If we had to bet, “no tax on tips” is the most likely to get a shoutout tonight. But any kind of clarity on what Trump needs in the tax bill will catch businesses’ ear.
But as much as the tax bill is a huge deal for lots of businesses, the threat of new tariffs is an equal or bigger focal point for some industries. It’s already a big day for tariffs. And companies are on edge about what kinds of new trade wars Trump may tee off or escalate tonight.
Financial world: Just about everyone in finance is waiting to hear more details about what the White House has in mind for digital asset policy.
Trump knows. The president on Sunday announced some initial details on an otherwise hazy plan to create a national reserve of crypto assets. This has evolved a bit since Trump addressed a bitcoin conference in Nashville, Tenn., last July and promised to create a “strategic national bitcoin stockpile” after a pitch from Sen. Cynthia Lummis (R-Wyo.). Trump said on Sunday the “reserve” would hold specific assets beyond bitcoin and ethereum.
We don’t expect the president to get into the particulars of stablecoin reform, which is up next for Congress. For that, you can read our Sunday Vault.
Tech arena: Tech policy is emerging as one of the key areas for this administration, and there’s a lot the industry will be looking to hear from Trump.
For starters, many in the tech world are anxious about where Trump is looking to go on tariffs. Major electronics manufacturers like Apple, in particular, have some skin in the game as it makes most of its products in China.
Trump’s plans for artificial intelligence, too, are something many people will be keeping an ear out for. The president has made AI a key component of his administration, announcing several deals for investment in the industry in the United States, with the $500 billion Stargate project as the most high-profile.
The administration is turning away from AI “safety,” as Vice President JD Vance recently indicated. So, many will be watching whether Trump will speak of where he may go on regulating, or not, this new technology.
On the tax front, tech also wants benefits for research and development. Then, there’s also big demand for educational and immigration policies that can foster a workforce pipeline. While the Trump administration is theoretically open to the high-skilled immigration the industry wants, it’s very much focused right now on clamping down on immigration more broadly.
Energy is big, too, as artificial intelligence is expected to become ever more insatiable in its power demands.
Trump could also weigh in on an important fight currently playing out on the Hill over radio spectrum auction. Senate Commerce Chair Ted Cruz (R-Texas) and many other Republicans want to make more spectrum commercially available in the reconciliation bill.
But the Pentagon and its allies on the Hill have balked at the idea as the Defense Department holds much of those frequencies Cruz and the industry want to auction off. The cable industry, too, has an interest in blocking more exclusive spectrum for wireless carriers. If Trump picks a view on this, it could be pretty big and would put the other side in an awkward spot.
And anything he says about TikTok will draw a lot of attention.
