With at least three Senate seats flipped from Democrat to Republican — giving Republicans a two-seat majority — Trump will attempt to exert influence on Congress as lawmakers grapple with major tax reforms in 2025.
Trump supports lowering the corporate tax rate from its current 21% — which was lowered from 35% in 2017 during his first administration through the Tax Cuts and Jobs Act — to as low as 15% for companies that make their products in the U.S.
Loren Smith, president of the strategic advisory firm Skyline Policy Risk Group, told FreightWaves that these tax cuts could have a positive impact on the trucking industry.
“That would be helpful for trucking in particular, because the more tax policy favors U.S. domestic products, the more immediate downstream effect on freight haulage from manufacturing plants like automobiles and household goods,” Smith said.
Trump’s platform also calls for a 60% tariff on all U.S. imports from China and a baseline tariff of 10% to 20% on all U.S. imports. Smith said Trump’s tariffs will be particularly focused on domestic manufacturing — a net benefit for freight.
“Trump will be more open to tariff exceptions that the freight industry is concerned about, and freight interests will have a better seat at the table when it comes to getting those exceptions in place,” Smith said.
Todd Spencer, president of the Owner-Operator Independent Drivers Association, released an emailed statement congratulating Trump and Vice President-elect JD Vance.
“OOIDA and the 150,000 small business truckers we represent congratulate Donald Trump and J.D. Vance on their resounding victory,” Spencer said. “We look forward to working with the Trump Administration and congressional allies to advance a pro-trucker agenda, which includes expanding truck parking, stopping unworkable environmental mandates, and preventing a dangerous speed limiter mandate.”
He told FreightWaves that Vance is also a co-sponsor of OOIDA’s top two legislative priorities: the Truck Parking Safety Improvement Act and the DRIVE Act.
Truckers are obligated to comply with hours-of-service regulations from the Federal Motor Carrier Safety Administration. Spencer said it is estimated that truckers spend approximately one hour per day looking for safe parking, which cuts down on time driving to their destinations.
The Truck Parking Safety Improvement Act would allocate funds to create thousands of safe parking spots for trucks and make necessary improvements to existing truck parking areas.
“Most folks probably don’t realize that 70% of American freight is transported by truck, yet incredibly there is only 1 parking spot for every 11 trucks on the road,” Spencer said. “When truck drivers don’t have a designated place to park, they end up parking on the side of the road, near exit ramps, or elsewhere. This isn’t safe for the driver and it’s not safe for others on the road.”
The DRIVE Act would prohibit FMCSA from implementing any regulations mandating speed-limiting devices for large commercial motor vehicles engaged in interstate commerce.
“Studies and research have already proven what we were all taught long ago in driver’s ed classes – that traffic is safest when vehicles all travel at the same relative speed,” Spencer said. “Limiting trucks to speeds below the flow of traffic increases interactions between vehicles, which can lead to more crashes.”
Disclosure: JD Vance is an investor in FreightWaves SONAR through the Rise of the Rest fund.
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