Trump’s deregulatory push backfires as companies that were expected to benefit face harm

President Donald Trump's primary pitch to his base—in addition to his pledge to build a wall—is that his acumen as a businessman makes him a good steward of the economy.

But from Trump's trade wars with China to his alienating of European allies, the president's policies are starting to hurt the people and industries he claims to be helping.

Bloomberg reports that the Trump administration's zeal to deregulate industries is having a negative impact on some.

"In the latest instance, the Environmental Protection Agency unveiled a proposal Thursday to eliminate mandates paring methane leaks from oil wells -- despite major oil companies insisting they don’t want the relief," Bloomberg writes.

"Similarly, automakers and the nation’s top business lobbying group are begging the White House to alter course in its plans to weaken fuel efficiency standards and pick a fight with California. And power-plant operators say an administration effort to undermine requirements for mercury pollution controls may keep them from recouping the cost of that equipment," they added.

"Trump’s zeal to deregulate -- even when the regulated industries advise against it -- runs counter to the pro-business ethos of previous Republican presidents, whose policies may have been more aligned with commercial priorities," Bloomberg continues. "Yet the approach underscores Trump’s populist streak and is another reminder this “is not a typical Republican administration,” said GOP energy strategist Mike McKenna."

“What many fail to grasp -- and what may be the most important characteristic of this administration -- is that it is largely indifferent to arguments driven solely by commercial interests,” McKenna said. “They believe that consumers, workers, citizens are the most important reference points in decisions.”