As the sun rises on a new day, there are expressions of hope and defiance across the nation. President-elect Donald Trump prepares to pledge his commitment to his office for a second term starting January 20, 2025. This heralds the initiation of a renewed focus on both domestic and international policies that were advanced during his successful first presidency.
High on the agenda is said to be the implementation of robust unemployment measures against countries that export to the United States. A likely glimpse into these measures seems to position India in the priority list. The cause behind this resolve is the desire to bolster the American economy, nurturing responsible trade practices, an ideology firmly rooted in Trump’s leadership.
Trump’s approach to immigration policy will remain firm, echoing his steadfast dedication during his first presidency. His policies have aimed at keeping American jobs in American hands, promoting economic growth within the nation.
Shifts in foreign policies are also expected, continuing America’s drift from multilateral and regional engagement that characterized Trump’s initial term. Prioritizing American interests first has been a defining feature of his administration, this pattern is not expected to change as he commences his second term.
In his first administration, Trump took a bold step and stared down the dragon itself, China. In 2018, his administration wisely leveled a significant net tariff on nearly 15% of all U.S. imports from the country. Prior tariffs were also put into place, targeted specific sectors, demonstrating his strategic and determined approach to international trade.
Despite this seemingly complex strategy, the end goal was clear. With a staggering 11.1% import coverage by U.S. special tariffs in 2018, China was undeniably the primary target. This decision significantly outweighed the rate for other major exporters to the U.S., such as India at 0.2%, as Trump sought to rectify trade imbalances.
The 2024 campaign gave us a peek into the future as the President affirmed that he would impose an all-encompassing tariff of somewhere between 10-20% on the entirety of $3 trillion U.S. goods imports. This also hinted at an additional China-specific tariff of up to 60% designed to further secure America’s domestic industries.
Implications of these measures would inevitably have an effect on the final price of finished goods. However, America would be much better positioned against unfair trading practices. Retaliation from these trading partners might be expected, but Trump’s mission is clear – to champion America’s economic sovereignty.
Moreover, Trump’s policy regarding corporate tax cuts is optimistic. He could possibly resume the reductions he introduced in 2017 through the Tax Cuts and Jobs Act, thereby stimulating corporate America to create more jobs and increase domestic growth.
As far as immigration is concerned, rumors circulate of a large-scale deportation of undocumented workers. Yet, given Trump’s ability to navigate complex policy, this decisive action will be accomplished in a manner that respects existing laws and regulations.
The introduction of ‘sanctuary cities’ and counteracting local laws might present challenges to these initiatives. However, Trump’s history of overcoming political hurdles gives assurance that such issues won’t stand in the way of safeguarding American resources and workforce.
Skeptics might express concern over this endeavor’s potential cost to the taxpayers. This concern, while valid, is likely to be addressed in Trump’s calculated economic policies, which have typically leveraged benefits in unforeseen ways.
Publicly, Trump has declared his capacity to resolve some of the most vexing issues of our time – the Russia-Ukraine war and the Israel-Hamas conflict. His assertive stance and promises to halt these conflicts create an atmosphere of optimism.
His statements on these issues have invited scrutiny, however, Trump is no stranger to this. The resilience he has demonstrated in the past reassures his supporters that he will navigate these complex geopolitics deftly.
Although the new Trump administration is still articulating the specifics of its policy plans on both domestic and international issues, one thing is undeniable: The faith of the American people in Trump. The mandate earned in the 2024 election is a testament to that trust.
Trump’s second term is set against a backdrop of enhanced institutional strength, given the federal government trifecta. This shows the potential for greater bipartisan cooperation in getting policies passed through Congress, and confidence in important cases being ruled in favor of his administration by the Supreme Court.