Trump promotes lower taxes and other business-friendly policies during historic NYSE visits

Donald Trump promised to cut corporate taxes and speed up licensing before an overflow crowd at the New York Stock Exchange on Thursday.

Trump, surrounded by family and Cabinet nominees, including potential Treasury Secretary Scott Bessent and possible Health Secretary Robert F. Kennedy, Jr., rang the opening bell at the NYSE, where he was greeted warmly by traders and business executives. Goldman Sachs ( GS ) CEO David Solomon, Citigroup ( C ) chief Jane Fraser and Verizon’s ( VZ ) Hans Vestberg were among the attendees.

“We’re going to cut taxes further,” Trump told CNBC’s Jim Cramer from the trading floor. “You pay 21 (percent) if you don’t build here … and if you do, we’ll try to get it down to 15 percent, but you have to build your product, make your product in the United States”

Trump also said in remarks earlier in the morning that he would give “a very expedited approval process” to “anyone who invests a billion dollars or more.” Trump first proposed the initiative in a Truth Social post on Wednesday.

First president-elect to visit the stock exchange

Thursday’s NYSE event coincided with Trump being named Time Magazine’s Person of the Year for the second time. He was given the title in 2016 after his first successful presidential election.

Trump is the first president-elect to visit the stock exchange. Ronald Reagan became the first sitting president to visit the exchange in 1985. George W. Bush, who made a surprise visit in January 2007, is the only other president to visit the exchange while in office.

Trump is known to pay more attention to stock market performance than past presidents. On Wednesday, he boasted that the economy and stock market “had the best three years ever until COVID came in.” He added that stocks had recovered from their COVID sell-off before he left office in January 2021.

Support for the development of AI

Trump also emphasized his desire to support the development of artificial intelligence in America. “We’re going to be way ahead of AI, and we’re going to have to produce massive amounts of energy,” he said. He added that Lee Zeldin, his nominee to lead the Environmental Protection Agency, would “give us very quick approvals.”

When asked if Trump would encourage ordinary investors to buy more stocks ahead of his inauguration, he struck a cautious tone.

“I don’t want to get into a situation where they do and we have a dip or something, because that can always happen,” he said. Still, he expressed confidence in his incoming administration. “I think you’ll have some good days ahead,” he said.