Editorial November-2020 US Elections and its impact on the economy and chemical industry in particular
The 2020 US elections presented American voters with a choice between two stark choices which is going to impact the global economy. As per AP (Associated Press) the winner is Joe Biden and has called off the race as the next president of the United States of America. As per Biden, he is pro climate change and has pledged to take the US back into the Paris agreement. His stated goal is to “unleash a clean energy revolution in America”, putting the country on course for a carbon free power sector by 2035.
He is intended to support for cleaner sources of energy including electric vehicles and charging infrastructure. On the other hand, President Donald Trump opposes the attempts to curb global warming and withdrew the US from the 2015 Paris climate agreement. He has attempted to maximized production and exports of hydrocarbons and achieve energy dominance to boost the financials and economic benefits. In essence, chemical industry favors Trump as per one report from ACS (American Chemical Society). It also states that pharmaceutical companies preferred Biden and hence most was donated to the Biden campaign. According to one report in the Economic Times, a Biden presidency could be positive for US oil and gas drillers as new regulations could impact the production raising crude prices. As the drilling permits will be stopped for federal land and waters, which can reduce production pushing oil prices further upwards.
You must be thinking that the new president is Joe Biden, but wait, it is not officially announced yet! Several countries have congratulated the new president, however there are several who are waiting for the final outcome of the lawsuits filed by the current president in the US Supreme court. It’s mostly going to be announced by December 12, 2020 and the final swearing in ceremony will be by Jan 20.
As the world is almost ready to open up and be out to start to go to work and things get back to normal there are a few countries which have placed lockdowns including the UK, France and Germany. There are few places where the opening up is happening in phases. There are several online conferences and exhibitions going on like the one happened on 11th and 12th November from ChemSpec UK.
Things are going to be like this in terms of economy for a few more months and more and more online revolution will impact the way people do business and connect with each other. So be a part of the chemical industry and signup today for the Chemical Market Leads Platform.
In the meantime, we at Chemical Market, Mumbai Team wishes you a very happy festive season this November and December. Stay Safe Stay Healthy! And enjoy the good times with your family.
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