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Donald Trump is a Republican and the 45th president of the United States. The main focus of Trump’s economic policies and plans is to ‘make America great again’. He made negotiations which he phrased as the ‘biggest deals of my life’. He made it with those voters who have lost track of the ‘American dream’. His economic plans follow the economic nationalism and policies are the following.
Strategies for U.S. Economic Growth
The energy plan of America First
On June 1, 2017, Trump made an announcement of United States withdrawal from the agreement of Paris climate. The signatories had undertaken to bring to an end the greenhouse gas emissions to a certain level. The main aim of this policy is to keep global warming from getting worse. The United States is liable to twenty per cent of the emissions of the world’s greenhouse gas. So the other signatories cannot take steps without the participation of the US. Trump also made an agreement to eliminate the climate action plan. He assured to allow more action of drilling on the federal lands of natural gas and oil.
Smart trade, not stupid trade
The policies of Trump uphold mercantilism. He utilizes the protectionism to defend the US industries from the competitors of the foreign countries. His main focus is to reduce the US trade deficit. Theoretically, the belief is that the countries which are wealthy will then produce high taxes to fund the growth of military. Trump implemented aids to withdraw from the trade agreement from South Korea. He has the wish to import the US goods. Then Trump proclaimed to the world the withdrawal of United States from the Iran nuclear deal. Many countries came to know Trump’s removal of tariffs from the ZTE.
Replacing and repealing Obama Care
The administration of Trump has weakened Obamacare. They have done it even without replacing it. The Job cuts and the Tax cuts act to abolish the affordable care acts as a penalty for the people who have not paid the tax. Trump also stopped the reimbursement of the insurance companies. It is to help the low-income customers by the costs the companies incur. Because of this threat many companies forced the states to allow an increase in the premium. Then he also closed down the federal agencies for the remaining exchanges of 2018.
To reduce the debt
Trump told that he will reduce the debt by doing away with the wasteful federal expenses. He showed his ability in the campaign by using the twitter instead of the PR campaign which is expensive. He put emphasis on the cost entertainment book “The Art of the Deal”. However his plans to deduct the debt add 5.3 trillion to the debt of the nation. Cutting the tax will increase the growth which is enough to compensate for the loss of revenue. This tax plan of Trump will reduce the income taxes and will lessen the corporate tax. But these process will only increases the debts not decrease it.
To send the illegal emigrants back
This policy is implemented to block the practice of illegal immigration. He told that he will import two million to three million immigrants in the US. They may also have some criminal records. On October 8, 2017, he expected the Congress to stop federal funds for the “sanctuary cities”. The main aspect of the Trumps plan is to build the wall on the two thousand mile US border with the country Mexico. Through this plan, Trump wanted to offer open jobs to the Americans first. Many companies felt that they would lose their market share and also employees who were valued.
Economic policy in the united states
To cut the red tape
During the time period of Trumps first 100 days, he told the federal departments to give the list of regulations that are considered waste and that must be eliminated. He cancelled the orders of executives that were prior. The chamber of reports of the US said that the administration of the Trump issued twenty-nine deregulation actions of the executives. This policy cancelled fourteen Obamacare regulations. The most serious efforts were done to revoke clean air and clean water acts.
These are some of the economic policies which were implemented by President Donald Trump.