Newsday: President Trump will have major impact, say LI execs, merchants
Long Island business executives and merchants expect President-elect Donald Trump’s policies will have a major impact on industry and commerce. The optimists would welcome tax cuts, reduced regulation and the repeal and replacement of the Affordable Care Act, known as Obamacare.
However, others voiced worry about restricting immigration, the risk of trade wars, and loss of health insurance.
Economists said Trump’s agenda would likely boost the U.S. and local economies in the short run. The long-term effect is uncertain. Trump’s plan to reduce tax rates “will put money in people’s pockets that they will go out and spend” — spurring economic growth, said Luke Tilley, chief economist at Wilmington Trust, a unit of M&T Bank, which has branches in Nassau and Suffolk counties.