President Trump has been a friend of the domestic aerospace sector during his first term, increasing Pentagon weapons outlays and promoting overseas arms sales. However, a second Trump term could be problematic if he tries to decouple from China, withdraws from NATO, or ends U.S. membership in the World Trade Organization. Such moves could make it harder for companies like Boeing to compete with foreign rivals. As president, Joe Biden wouldn’t do any of those things, but he would be less favorably disposed to weapons spending and would inject greater concern about human rights into the consideration of arms exports. Biden would also raise corporate tax rates, increase regulation, and limit the access of industry executives to the White House and federal agencies. So no matter who wins the election, challenges lie ahead for America’s aerospace industry. I have written a commentary for Forbes here.
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