[US Election 2024]
Vance Advocates Breaking Up Big Tech and Supports Antitrust
Trump Fails to Curb Populism
Following former President Donald Trump, who raised concerns among entrepreneurs with his populist pledges, his running mate, Senator J.D. Vance, is also becoming a worry for American business leaders, according to reports.
The U.S. political media outlet Politico reported on the 3rd (local time) that "business leaders, who have watched the Republican Party drift away from them under the Trump administration, now fear that his chosen successor will accelerate this change," adding, "Vance, a new type of right-wing figure, has done nothing to ease their concerns." Unlike the traditional Republican line, Vance is noted for being critical of corporate activities and free trade.
As the outlet pointed out, Senator Vance has shown a stance different from entrepreneurs who pursue a free market economy, expressing opposition to large corporations' mergers and acquisitions (M&A) activities and supporting tariff barriers. He has defended Lina Khan, the Federal Trade Commission (FTC) chair appointed by President Joe Biden and known as the 'Big Tech hunter,' saying, "Her concerns about corporate concentration are legitimate," and has also argued that "Big Tech companies, including Google, should be broken up."
Politico analyzed, "Some business leaders fear that the second term with Vance joining will be more hostile to their interests than Trump's first term," and "Although Vance has little agenda-setting power, he is likely to strengthen Trump's major economic policies on trade, labor, and markets." It is explained that, unlike former Vice President Mike Pence, there is no one to check Trump's populist pledges such as various tax cuts and bomb tariffs that he frequently issues.
Justin Saifi, who worked as a Republican corporate consultant during the Trump administration, evaluated, "The Republican Party's anti-business populism will continue," and "Vance is part of that continuum." An energy company CEO and Republican donor emphasized, "While it is true that the Trump administration was overall better for the economy and businesses than the Harris administration, the Republican Party is continuously reshaping its ideology and increasingly clashing with entrepreneurs and their interests."
However, there are also positive views considering that Senator Vance is a former venture capitalist who worked in Silicon Valley. Although Vance is progressive on certain economic issues, such as dismantling the governance structures of large corporations, he aligns with former President Trump's overall vision of lowering corporate taxes and significantly easing regulations.
Government policy analyst Jonathan Barron explained, "There are people within the Republican Party who want to return to the pre-2016 (pre-Trump) mindset, but I think that is impossible," adding, "The success of unconventional and new figures like Trump and Vance is strong evidence that changes in both politics and business are inevitable."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
