President Donald Trump is giving many businesses an unexpected benefit on top of lower taxes and regulatory relief: He's helping to restore their pricing power.

By pouring hundreds of billions of dollars of tax cuts and extra government spending into an already stretched economy, Trump is fostering an environment where firms such as conglomerate 3M Co. can raise prices because demand for their products is strong.

“The power is with the seller,” said Chris Williamson, chief business economist at consultants IHS Markit Ltd.

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