Who would have thought it? That the industries former President Trump said needed his help – coal, steel, aluminum and petroleum – would finally receive it from President Biden.
It’s an ironic reversal of fortunes. Trump’s policies designed to aid those industries (high tariffs, reduced regulations and weakened or abandoned trade agreements) backfired. The proof is in each industry’s stock performance between the 2016 and 2020 election days.
Enter President Biden, an apt leader in the time of ESG (environmental, social and governance) investing, and up go those Trump-favored companies.
Unintended consequences undermined intentions
After a burst of enthusiasm from Trump’s surprise win peaked with the tax bill optimism, reality set in as Wall Street viewed Trump’s actions as ineffective or harmful. As time passed and hopes diminished, even industry leaders turned skeptical.
“The man most closely linked to President Trump’s push to make coal great again — and the head of the country’s largest privately owned coal mining company — is now the latest to reckon with the industry’s decline.”
