President-elect Donald Trump will soon return to the White House and begin his second term. In contrast to 2016, when he was a "political question mark," the international community is now bracing for his protectionist trade policy stances.

Although tariffs present a risk for multinational corporations reliant on supply chain imports and foreign revenues, they might be an opportunity for domestic operators. Trump's deregulation stance could help drive more profits for big tech and banks, especially with corporate tax cuts and rollbacks of regulations such as Basel III, which forces capital requirements on all banks with assets of more than $100 billion by July 2025.

Regional banks like Renasant Corp (NYSE:RNST) could benefit even if Basel III isn't rolled back. This 120-year-old bank, headquartered in Tupelo, Mississippi, operates 186 offices in the Southwest and has assets of around $18 billion.

Despite comfortably beating the earnings estimates in the past four quarters, the bank has been largely overlooked, rising 11% year-to-date. Benzinga Pro shows a short float of almost 7% — unusual for a bank with a net profit margin of 26%, which is closer to a tech company. It pays a reliable 2.4% dividend and has a strong balance sheet.

Investors seeking broad investment opportunities could consider the Toronto-listed Harvest US Bank Leaders Income ETF, which offers high-yield sector exposure with monthly cash distribution.

A negative stance toward Nippon Steel's bid for U.S. Steel was a rare synchronization between President Joe Biden, Trump and Vice President Kamala Harris. A week ago, Trump once again reiterated his stance, stating that he's "totally against the once great and powerful U.S. Steel being bought by a foreign company."

Trump's stance could benefit Steel Dynamics Inc (NASDAQ:STLD), a domestic steel producer and recycler. This Midwestern company is an S&P500 component with 13 million tons of steel production capacity. Although its latest earnings expectations fell short, this development was largely due to lower commodity prices. The firm has healthy profit margins, doesn't hold excessive debt, pays dividends, and trades at a reasonable P/E ratio 12x.

Before Trump left the White House in January 2021, his last action was to approve the Thacker Pass lithium project in northern Nevada. This project is one of the largest known lithium deposits worldwide, containing 13.7 million tons of lithium carbonate equivalent. Junior miner Lithium Americas Corp (NYSE:LAC) owns the project, while General Motors is the largest investor, committing $650 million.

Although yet unprofitable, Lithium Americas trades at a 0.8x price-to-book ratio, indicating potential undervaluation at this price. With Trump's friendly stance toward mineral projects, a domestic project of this scale may receive additional tailwinds during his second term.

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