The second Trump administration may be more lenient on antitrust enforcement.
JPMorgan believes that the Trump administration, if elected, may be more relaxed in terms of antitrust enforcement. The Trump administration launched investigations against tech giants from 2017 to 2021 and was followed by the current President Joe Biden's government.
Under Biden's leadership, significant progress has been made in the field of antitrust, including the civil lawsuit filed by the US Department of Justice against Google's advertising technology market in January 2023. In March of this year, the US Department of Justice also filed a lawsuit against Apple (AAPL.US), accusing it of monopolizing the smartphone market. At the same time, Facebook's parent company has also become a target of the US Department of Justice and the Federal Trade Commission (FTC).$Alphabet-A (GOOGL.US)$Google, which is a subsidiary, has filed a civil lawsuit accusing it of monopolizing the digital advertising technology market. In March of this year, the US Department of Justice filed a lawsuit accusing it of monopolizing the smart phone market. At the same time, the parent company of Facebook $Apple (AAPL.US)$The lawsuit accuses them of monopolizing the smart phone market. Meanwhile, Facebook's parent company$Meta Platforms (META.US)$Meanwhile, Facebook's parent company has also become a target of the US Department of Justice and the Federal Trade Commission (FTC).
JPMorgan analyst Michael Feroli said in a research report on Friday: “The Biden administration has taken positive measures in antitrust law enforcement. Some well-known companies such as Google, Meta, and the National Association of Realtors, have been reviewed by the US Department of Justice and the Federal Trade Commission (FTC). The second Trump administration may adopt a more relaxed approach to enforcing relevant regulations. Even so, some conservatives are becoming more accepting of strong competition policies, such as the current chairman of the Federal Trade Commission, Lina Khan.
The analyst also pointed out that the Traditional Foundation of Conservative Values’ '2025 Project’ is willing to cooperate with antitrust law enforcement actions against large technology companies. This project, known as the '2025 Presidential Transition project’, aims to establish a conservative government policy and agenda that will begin governing in January 2025 if Trump wins.
In the policy agenda of the project, a chapter on the Federal Trade Commission outlined several progress that 'many (but not all) conservatives believe in', which may give the agency reasons 'to carefully adjust certain aspects of antitrust and consumer protection laws and enforcement'
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Edited by Jeffrey