President Washington and his Secretary of State, Jefferson, both agreed on our new nation's policy to recognize foreign governments. That policy was based on the question is the government, in fact, in charge. As I remember, it was Wilson that broke that tradition because of debts.
Business was pretty happy with the recognition of the USSR for trading purposes.
Henry Ford and Fred Koch were certainly happy about it, among others. Washington and Jefferson based their policy on their premise of 'neutrality', i.e. non-discrimination in trade. It wasn't always a successful policy, though; see John Jay's and Jefferson's diplomatic missions and the English and French pressures, and the War of !812, for early [problems.