On Wednesday, President-Elect Donald Trump met with the press for the first time since his election victory. In a wild conference, Trump covered Russia, US intelligence agencies, the wall, big pharma, and fake news among other things. While the hour-long conference was entertaining to say the least, it also provided a glimpse into Mr. Trump’s plan for the next four to eight years. What can we expect from our 45th president?
Here’s What to Expect Based on Trump’s Statements…
Donald Trump’s meeting with the press at Trump Towers had an immediate impact on the markets. But more importantly, his comments outlined what to expect for the next four years. What’s next for Trump?
Big Pharma– Trump was quoted as saying,”They’re getting away with murder (with drug prices) … “There’s very little bidding for drugs.” The incoming president’s call for new bidding procedures for U.S. drug companies caused an immediate slide for the drug industry, with the Nasdaq Biotechnology Index falling 1.95% within 16 minutes of his comments. The Index finished down 2.96%.
Obamacare – Trump made it crystal clear he won’t be keeping or even modifying the Affordable Care Act. While he did not offer any details of how he plans to replace Obamacare, Trump said, repealing and replacing the health care law would “most likely be on the same day or the same week, but probably the same day. Could be the same hour.” The interesting point here is that he cautioned Republicans from becoming too invested in health reform, saying “We don’t want to own it. We don’t want to own it politically.”
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Wall – While he didn’t back away from his beloved wall, Trump changed his tune a little. Now, the wall has gone from “Mexico will pay for it” to “Mexico will repay for it in some way.” The wall 2.0 would initially be funded by taxpayers, with the Mexican government reimbursing the U.S. for the cost. This way, there would no delay in the wall’s construction. “I don’t want to wait,” Mr. Trump said. “I don’t feel like waiting a year or a year and a half. I want to start building.” As to how he plans on getting Mexico to actually pay, there was no mention.
Russia – Trump did an about face on his stance on the DNC hack as for the first time he publicly stated Russia was involved, but “also other countries.” Trump went on to say a warm relationship with Russia is a good thing, and that the country should be happy Putin likes him and respects him more than any president before. One glaring omission was when Trump chose not to answer a question that neither he nor his staff had contact with Russia during the presidential election.
Donald Trump didn’t hold back during the conference. He chastised CNN for publishing “fake news” about him and refused to take questions from their correspondents initially. He trashed U.S. intelligence agencies, comparing them to Nazis. And he again refused to release his tax returns.
Watch this video from LesGrossman News to get a glimpse of what went down during the press conference:
All in all, it was a wild 58 minutes, hinting at an interesting four years. Investors should monitor his health care reform closely, as that will indicate whether to invest in or shun hospitals and insurance companies. For the time being, Trump’s anger looks to be pointed towards drug makers, meaning that Biotech could fall a lot more in the near future.
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