Trump Touts Deregulation Accomplishments in Musk Interview

Republican presidential candidate Donald Trump touted his accomplishments in deregulating business sectors during his interview Monday night with X CEO Elon Musk on that platform. In addition, Trump praised Musk’s approach to free speech and AI.

Republican senators told us before the August recess that if Trump wins the election, he should take a light-touch approach to AI regulation. In separate interviews, Democrats praised the AI strategy of President Joe Biden and Vice President Kamala Harris.

“We set a record,” Trump told Musk during the session. “We did more deregulation and more restrictions on all of the different businesses than any other president.” Trump cited his executive order 13771, which stated that for every “one new regulation issued, at least two prior regulations be identified for elimination.” Trump in his interview with Musk claimed his EO called for the elimination of “10 or 12” regulations for every new regulation. “We did radical cuts on all of that.”

Observers have pontificated about how Trump might address tech regulation if there's an administration change. New Mexico Attorney General Raul Torrez (D) in a recent conversation discussed Republicans’ desire for Trump to rescind Biden’s AI executive order (see 2407310042). The former president’s policies shift dramatically based on “who’s in his audience and who has written him a check,” Torrez said.

Sen. Ben Ray Lujan, D-N.M., defended Biden’s AI EO. “If President Biden had not taken any executive action on AI, the Republicans would be criticizing him for that as well,” Lujan said during an interview before August recess. “We’ll find out in the next few months, when President Harris will be all but certain after the election, and we’ll be moving forward.” Lujan said he hopes those criticizing Biden’s approach will come forward “with good policy.” The U.S. needs to be in a “strong position” when it comes to AI regulation, he added.

It’s “highly likely” Trump would rescind the AI EO, American Enterprise Institute senior fellow Will Rinehart said. However, many of the agency directives are already in place or will be completed by the end of 2024, so there are questions about practical impact, he said.

Policymakers rushing AI regulation don’t “fully understand” the technology, Senate Intelligence Committee ranking member Marco Rubio, R-Fla., told us before the break. “I don’t think anyone around here can predict how it will evolve and devolve.” If the U.S. overregulates the technology, the innovation is going to occur outside the U.S., said Rubio: “There are very significant drawbacks that come with any technological advance, AI included. We have to try to mitigate and minimize those, but we also can’t lose the technological high-ground. I think to start writing executive orders and regulations and even passing laws on something most people still don’t fully understand is potentially damaging because our adversaries are going to continue developing it in ways that could put us at a huge disadvantage.” He urged Trump to rescind the EO if he's reelected.

Sen. Mike Rounds, R-S.D., said Biden's EO has some value, but overall it embraces heavy-handed regulation, most notably through the concept of AI reporting requirements. Trump should “start over” with AI because the U.S. “needs to incentivize domestic production,” he said.

One tech policy official warned against deployment of dramatic shifts in terms of what’s retained, eliminated or modified on AI policy. “Policies that dramatically change direction every four years are detrimental to business planning, investment, and growth.”

Musk claimed his track record shows he’s politically moderate, and if anything, leans left. Musk pointed to his views on sustainable energy as an example. He endorsed Trump, praising his approach to free speech and deregulation. “Here's to an exciting, inspiring future that people can look forward to and be optimistic and excited about what happens next,” Musk said. “And that's the kind of future that I think you will bring as president and that's why I endorse you.” Overregulation is “like hardening of the arteries, and eventually everything's illegal or takes forever,” said Musk. “And then we just ossify as a society. ... We can't make any progress.”