In a press conference at his Mar-a-Lago Tuesday, US President-elect Donald Trump said that his administration “will cut taxes, slash regulations, raise wages and boost incomes at a pace the world has not seen before.” The incoming President has introduced several new policies in his economic plan, all of which will supposedly rescue the country’s economy.

Trump’s plans for the economy are very ambitious, proposing several tax cuts and new tariffs. Republican policymakers are focused on extended tax cuts that benefit ordinary Americans. Donald Trump has also promised new tax cuts for people above 60. In addition, he plans to release a road map that includes new funding for border security, a top priority under his recent campaign.

As a candidate, Trump called for “universal” tariffs of as high as 10 or 20 percent on everything imported into the United States. Many economists warned that such plans could cause price shocks, and would also stir away international traders. Two weeks before Trump takes office, his aides are still discussing plans to impose import duties on goods from every country.

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Trump To Boost US Economy, End Inflation With New Plan?

Another key battle that Trump is inheriting is the war on inflation. It will be a tough task to “cut taxes and boost incomes,” when the Federal Reserve is still working on slowly reducing interest rates and inflation simultaneously. As for the regulations, one of the likely industries that will see looser restrictions is cryptocurrency. Trump’s administration is far more crypto-friendly than any previous president, and that could be seen with the latest moves in SEC leadership. Trump has already flirted with implementing Bitcoin into the economy, as well as establishing a Bitcoin reserve. The use of the top cryptocurrency by market cap, in Trump’s eyes, could aid in clearing the country’s trillions in debt and making way for tax cuts.

Furthermore, Trump is working to reconstruct the US budget to help alleviate the aforementioned debt. This task was also inherited by Elon Musk, Trump’s appointee to head the new Department of Government Efficiency (DOGE). The budget reconciliation allows Donald Trump and Republicans to advance their agenda while bypassing potential Democratic filibusters in the Senate. Musk will be responsible for leading large-scale infrastructural reforms as part of the “Manhattan Project.” The role includes conducting large-scale reformation tactics, which will help the White House seek guidance and support from all sides.

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All in all, the incoming President hopes that these new plans and strategies will help improve America’s economy to new heights it’s never seen before.

  • Donald Trump
  • Taxes
  • US Economy