US election: Report shows six key industries that may witness changes if Biden wins

US election: Report shows six key industries that may witness changes if Biden wins

As the United States heads to the polls to cast their ballots in the presidential election, a report by Reuters has highlighted some key things that may happen to the economy if Democratic Party's candidate, Joe Biden, wins.

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The report listed six key industries that could see changes under a Joe Biden presidency.

US election: Report shows six key industries that may witness changes if Biden wins
Presidential Candidate Joe Biden Travels To Pennsylvania On Election Day. Photo credit: Drew Angerer/Getty Images
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1. Automakers

If Biden wins the election, automakers will likely face tougher carbon emissions targets, according to the report.

Automakers could also face higher penalties for failing to meet fuel-efficiency requirements.

However, the auto industry could also get more help with a transition to electric vehicles if Biden delivers on his promises in the sector.

2 Tech

Biden, if elected, is not likely to lift the regulatory cloud over the tech giants as some Democrats are reportedly willing to scrutinise their practices even more than the Trump administration.

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The tech companies, however, have many friends among Biden advisors and will fight hard to resist any new laws.

Nevertheless, the report noted that the biggest changes for the tech sector may have to do with China and trade policy.

3. Pharmaceutical industry

If Biden wins, the pharmaceutical industry may be hit with a slash in drug prices.

The Democrats' candidate has vowed to reduce drug costs and to allow Medicare, a US government health insurance programme, to negotiate drug prices.

His promise to expand health insurance coverage to more Americans may, however, favour the industry.

4. Mining

If Biden wins, his administration may focus on an increase in domestic production of lithium and other metals used to make electric vehicles, solar panels and other products.

According to the report, Biden's campaign has been privately telling US miners that he will support increased domestic mining if elected.

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5. Media

If Biden becomes the US president, the media industry may see a dip in their audiences because he is less likely to break presidential norms than President Donald Trump.

However, his presidency may also generate headlines via potential post-White House legal battles, Reuters noted in the report.

6. Retail/Trade

Biden is likely to review the country's current strategy on trade if he wins.

President Trump has imposed $370 billion in tariffs on goods imported from China, part of his “America First” agenda.

Retailers, however, argue that the tariffs will result in higher prices for consumers and lost jobs. A Biden presidency, the report forecasts, may review the trade policy adopted by Trump.

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Meanwhile, Biden and Trump are now awaiting the outcome from their respective campaigns as voters take to the street to cast their ballots.

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IPSOS, a global poll platform, was curious to find out how other nations viewed the respective candidates.

Over 20,000 people from 24 different countries were asked to register their opinions on the two men.

Biden seems to be a firm favourite, earning nearly triple the 'votes' his competitor scored.

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