Biden’s Final Sprint Leaves Trump Stewing, Vowing Reversals

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(Bloomberg) — President Joe Biden spent his final weeks in office looking to Trump to vindicate some of his biggest policy priorities, from environmental protections to support for Ukraine and manufacturing subsidies. The next president is not amused.

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Donald Trump pledged that he would act immediately to undo many of Biden’s actions through executive actions and legal challenges. But he is also publicly angry at the outgoing administration’s efforts, accusing Biden of acting in bad faith and disrupting the smooth transition of power.

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The rift between the administrations could define the first hours of Trump’s second term, adding to a series of executive orders and actions that Trump is preparing, though not yet detailing, ahead of his second term. It also represents a significant risk to investors seeking to take advantage of government measures and subsidies that can be quickly reversed.

Underneath this fight, the Biden team hopes they can corner the new administration, preserve key initiatives or create a political reality that might even see the incoming administration finally decide to finalize some Democratic priorities.

But recent controversy over Biden’s move this month to ban offshore drilling in 625 million acres of U.S. coastal waters — where there is little industry demand — as well as new standards for natural gas and heating appliances, has highlighted the depth of Trump’s policy. anger.

“We will bring it back,” Trump told reporters at his Mar-a-Lago resort on Tuesday. “I’ll put it back on day one. I’ll cancel it on day one.”

Trump also used the blitz to blame Biden for jeopardizing the transition, even though late executive actions are a feature of every presidency. His repeated suggestions that Biden had risked a coordinated handover appeared intended to at least evoke the rhetoric Democrats used after the Jan. 6 riot, when Trump supporters stormed the Capitol to try to disrupt the certification of Biden’s win.

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“They say we’re going to have a smooth transition. All they do is talk. It’s all talk,” Trump said.

In recent days, Vice President Kamala Harris announced a rule to remove medical debt from credit reports, and last month Biden announced a new round of student debt cancellation.

Biden is finalizing moves to help spur data centers and artificial intelligence, which Trump has remained mostly silent about, and may release a drug list for Medicare to negotiate prices, a major accomplishment for his administration. The Treasury Department moved to block any attempt by Trump to remove Fannie Mae and Freddie Mac from conservatorship.

Republicans, including Trump, have criticized the Biden administration’s efforts to create new energy rules for gas-powered appliances including stoves, heaters and ovens, arguing that they amount to efforts to phase out the use of fossil fuels in favor of electricity.

The Biden team is moving to complete work on new executive orders to support cybersecurity and limit the export of key semiconductors.

Funding from key Biden bills also hangs in the balance, though that will be difficult to resolve. The Biden team has been steadily announcing new funding for semiconductor manufacturing facilities and infrastructure projects. Contracts generally take place in two stages: one is when the deal is announced or awarded, while the other is when the contract is signed or committed.

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In a speech last month, Biden indicated that he did not believe Trump had the political will to cancel ongoing projects.

He asked, “Will the next president stop a new electric battery factory in Liberty, North Carolina, which will create thousands of jobs?” Biden said. “Will they shut down the new solar plant being built in Cartersville, Georgia? Will they?”

To restore funding awarded but not finalized, Trump would likely need an act of Congress — and then would risk a backlash from cities and states that are set to see the money flowing to their community already. It is difficult to undo signed contracts. Republicans are already struggling over how to advance one or two key bills according to their own priorities, including extending Trump’s tax cuts.

Trump’s team was careful to maintain some mystery about his movements on day one, paving the way for surprise reversals, as well as instances where they didn’t bother to intervene.

Some files are handed over to Trump to finish, if he wants. One is an investigation that paves the way for potential new tariffs on Chinese-made semiconductor chips, known as core or legacy chips, which are less advanced than modern models but used everywhere. Trump’s transition team declined to comment on whether it would pursue these efforts, although Trump has already pledged to impose sweeping new tariffs on China.

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But Trump has signaled his desire to mount a legal challenge to some of Biden’s initiatives, including the administration’s efforts — authorized by Congress — to sell off unused border wall materials.

The president-elect has said he would oppose the foreign move, although precedent suggests it may be difficult for him to oppose it. In his remarks Tuesday, Trump estimated that the oil under America’s ocean waters is worth more than the national debt — although the sweeping withdrawals, which include all unleased waters off the East and West coasts, have not brought about changes in the western and central portions of the oil. The Gulf of Mexico is where most of the oil industry activity and appetite is concentrated.

“This is like the entire ocean,” he said. “They’re trying to be sneaky.”

-With assistance from Ari Nutter.

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