Trump revokes Biden order to promote U.S. economic competition | Donald Trump

Donald Trump On Wednesday, the 2021 executive order was revoked to promote competition by the U.S. economy Joe Bidenthe White House said.

The Republican U.S. president’s move further relaxed a signature initiative from his former Democrat to combat anti-competitive practices in sectors ranging from agriculture to drugs and labor.

The Justice Department welcomes Trump’s revocation of the order, saying it is adopting a “first-U.S. antitrust” approach that focuses on free markets rather than the so-called “overly regulated and tedious approach” Biden gives medicine.

It said it has also made progress in simplifying the merged Hart-Scott-Rodino Act (HSR) review process and has resumed more frequent use of targets and elaborate consent decrees.

Biden signed a detailed executive order in July 2021 to promote more competition in the U.S. economy, part of a widespread push to control what his administration calls corporate abuse patterns, from excessive airline fees to large mergers, raising costs for consumers.

The initiative is very popular among Americans and is supported by senior economic officials of Biden’s economy, many of whom have worked for or with senators before. Elizabeth WarrenHe played a key role in establishing the Consumer Financial Protection Bureau Barack Obama.

Since taking office, Trump has attacked the agency, announcing plans to reduce its workforce by 90%.

The moves cost Americans at least $18 billion in higher fees and compensate consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the American Consumer Federation.

Biden’s order said its purpose is to “enforce antitrust laws to deal with excessive concentration in areas such as labor and health care, abuse of market power, and the harmful effects of monopoly and monopoly”.