Trump Unwinds Biden's Competition Initiative, Sparking Debate

Donald Trump revoked Joe Biden's 2021 executive order on promoting competition, shifting to an 'America First Antitrust' approach. This decision, welcomed by the Justice Department, rolls back measures aimed at curbing corporate abuses. Criticism arises over potential harm to consumers and small businesses.

In a move that has stirred significant debate, U.S. President Donald Trump on Wednesday repealed a 2021 executive order on promoting competition in the economy, originally enacted by his predecessor, Joe Biden. The revocation marks a pivotal shift away from Biden's efforts to combat anti-competitive practices across various sectors, including agriculture and pharmaceuticals.

The Justice Department has welcomed this policy reversal, proclaiming it to be in line with an 'America First Antitrust' strategy. This new stance is focused on championing free markets, criticizing the previous order for being excessively prescriptive and burdensome. The Department claims progress in streamlining the Hart-Scott-Rodino Act review process on mergers and increasing the use of well-crafted consent decrees.

Critics, however, including former Biden competition policy director Hannah Garden-Monheit, argue that Trump's decision undermines his commitment to support ordinary Americans. By reversing key regulatory measures, Trump's administration is accused of prioritizing interests of major corporations over those of consumers and small businesses. This policy shift has led to rising concerns about potentially higher consumer costs and reduced protections against corporate abuses.

(With inputs from agencies.)