Chemical Week - November 4/11
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2024-11-08 08:18:49
America decides
↘ American voters have spoken. In an election that was closely watched around the world and marked by extreme rhetoric, wildly disparate policies and more than a few surreal moments, the country has elected Donald J. Trump as its 47th president (p. 8). As of CW press time on Nov. 7, Republicans had won the Senate majority, while control of the House was still undetermined.
After a decade of Trump politics, and taking into account the potential for limited guardrails from the legislative branch, there can be little doubt the incoming administration will move quickly and decisively to undo most of President Joe Biden’s policies. The implications for the chemical industry are broad.
On the regulatory front, Trump has promised to “liberate” America from Joe Biden’s “wasteful and job-killing regulatory onslaught” and rein in “out-of-control bureaucracy” in Washington, DC. Trump also vows to implement a regulatory budget that puts a “hard cap” on the cost of regulations to the US economy, shrinking federal departments with “aggressive” cost cutting.
The American Chemistry Council (ACC), which has been critical of the Biden administration’s implementation of the Toxic Substances Control Act, congratulated Trump on winning the election. “Our overarching goal is to move beyond consistent missed deadlines for new chemical approvals and proposed unreasonable regulations of the last four years, and for the next administration to implement sensible, pro-growth, science-based policies and regulations,” the ACC said in a press statement.
President Biden’s climate goals and clean energy investments are also solidly in Trump’s sights. The president-elect has promised to exit what he calls the “horrendously unfair Paris Climate Accords,” just as he did early in his first term; oppose all the “radical left’s Green New Deal” policies; and increase energy production “across the board, streamline permitting and end market-distorting restrictions” on oil, natural gas and coal.
However, these are big ships to turn around, and some of Biden’s policies, particularly elements of the Inflation Reduction Act (IRA), may be safe from Trump’s calls for scorched earth.
“Stakeholders must brace for change while remaining focused on innovation”
According to an S&P Global Commodity Insights research note, congressional action is expected under a Republican sweep scenario, but a full repeal of the IRA is “very unlikely” and could only be achieved if the party were able to overcome the filibuster — which Republican Senate leaders have already dismissed as an option. A Republican majority “can and likely will leverage” the budget reconciliation process to pass legislation repealing parts of the IRA. “Reconciliation could theoretically be used to undo the IRA in its entirety, but given the popularity of certain provisions contained within the IRA among both parties, this is unlikely,” Commodity Insights said.
Trump’s second term as President of the United States marks a pivotal moment for the chemical industry, heralding a potential shift in regulatory frameworks and environmental policies. Shifting political landscapes in Washington, however, are not likely to lessen industry’s commitments to chemicals safety and sustainability. With every new administration, stakeholders must brace for change while remaining focused on innovation, sustainability and safety.
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