THE leader of Manhattan Chamber of Commerce has underlined the concern felt by businesses in New York over the uncertainty brought by the Trump administration, while highlighting her ambition for greater collaboration between firms in the city and their counterparts in Glasgow.
Jessica Walker, president and chief executive of the New York organisation, said the lack of clarity in the US over key policy areas such as healthcare, trade and taxation reform since President Trump took office has caused businesses to put plans on hold.
Speaking during a visit to Glasgow yesterday, as part of a developing partnership with Glasgow Chamber of Commerce, Ms Walker said: “There is quite a lot of uncertainty, Brexit being one. But also on our side we have a new President still in transition, who has been very vocal about concerns around trade, so there is a lot of uncertainty there as well. It actually makes the Chambers that much more important and the work we are trying to do, because the uncertainty could bring a halt to a lot of things. So we’re going full steam ahead to make sure that the trade continues.”
President Trump pledged during the US election campaign to introduce business friendly policies, including investment in infrastructure. The controversial former real estate mogul also signalled a commitment to reform taxation policy, but Ms Walker said that beyond a simple “one page” discussion paper, little detail has been delivered by the administration on the future of tax policy.
Asked to assess the Trump presidency so far, Ms Walker said: “There is quite a bit of uncertainty – there’s no question about it. There are definitely mixed signals. The dollar is up, our stock market has been up and down a little bit. On the other hand, uncertainty is never good for business, and I think, especially, the rhetoric around trade has caused quite a bit of people wanting to circle back a little and wait and see, which is not what we want. We will wait and see what the policies will be, but it is certainly concerning.”
President Trump’s much-publicised repeal of Obamacare was highlighted by Ms Walker as a particular cause of uncertainty for business, chiefly because the majority of people in the US access their health insurance through their employers. While she said there are elements of Obamacare which had to be improved, Ms Walker noted there is a lack of clarity on what Trump’s reforms will eventually look like. The legislation outlining the proposed changes, the American Health Care Act, has still to pass through the US Senate.
Ms Walker travelled to Scotland on Delta Airlines’ inaugural service between JFK and Glasgow. She believes the daily flight will be a great asset for tourism and businesses on both sides of the Atlantic. The Princeton University graduate, who has been in post since February 2016, hopes the Memorandum of Understanding signed by the Manhattan and Glasgow Chambers in November will boost commercial links between businesses in the cities. Ms Walker said: “This is a sustained partnership where we are actively trying to facilitate business deals for our members. That can only be good for the economies of both cities.”
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