What now?

In the end, it wasn’t all that close. Donald Trump has reclaimed the presidency, besting Vice President Kamala Harris in what has been one of the most expensive elections in U.S. history.

“America has given us an unprecedented and powerful mandate,” Trump told jubilant supporters this morning at his campaign headquarters at Mar-a-Lago. Indeed, the strength of Trump’s victory — he made inroads into most major voter demographics, and helped Republicans retake the Senate — has drastic implications for the American economy and the corporate world at home and abroad.

Stocks and other asset classes, including crypto, are surging on the hopes of a more business-friendly Washington. (More on that below.) But the return of Trump also heralds a new class of business winners, along with potentially transformative changes in fiscal policy, federal regulation and more.

Here’s what could come next.

Businesses will probably face fewer burdens. Driving much of the jump in a wide array of stocks and cryptocurrencies is the belief that a second Trump administration will ease regulation, especially for energy companies, financial firms, digital currencies and more.

Expect Trump, aided by Republican control of the Senate and possibly the House, to extend the 2017 tax cuts for businesses and the wealthy that are set to expire next year. Whether Trump will go forward with more expansive initiatives, such as eliminating taxes on tips and overtime — or even cutting income taxes generally — remains to be seen.

But there are wild cards as well:

• How will Trump deal with antitrust? Many corporate leaders have hoped that a Republican White House would undo the Biden administration’s effort to jack up competition policy. But JD Vance, Trump’s running mate, has praised Lina Khan, the chair of the F.T.C., for her efforts to crack down on the tech giants that conservatives have criticized for years. While Khan probably wouldn’t continue on in the second Trump administration, her tough-on-tech stance might endure.

• Will Trump give Robert F. Kennedy Jr. real political power? The president-elect has said Kennedy, a key backer who has divisive views on health and food policies, could “go wild” on health. Trump has already suggested that he’d be OK with moves including removing fluoride from drinking water. Agricultural groups have reportedly pressed the Trump camp on any potential changes to policies on pesticides and other farming practices.

Companies are already treading carefully. Trump has boasted of hearing more from prominent C.E.O.s such as Sundar Pichai of Alphabet, Tim Cook of Apple and Mark Zuckerberg of Meta. Trump associates have interpreted that as corporate leaders trying to make nice with him, lest they end up being the target of his ire, like John Deere.