$SPX President Donald Trump outlined several “America First” priorities to kick off his second term, including deregulation of the energy and mining industries, as well as reducing the cost of living.

His priorities reflect a desire to “resurrect the old economy by making it cheaper to build it here, using taxes, regulations, tariffs and abundant energy,” said GlobalData TS Lombard’s Steven Blitz, chief U.S. economist, and Grace Fan, a managing director specialized on energy, political risk and emerging technologies, in a Tuesday client note.

But to deliver on those plans, the TS Lombard team said the Trump administration also needs big American companies to invest more of their capital on things like factories, equipment and technology, instead of rewarding shareholders with stock buybacks and dividend payments.
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