As President-elect Donald Trump prepares to assume office on January 20, 2025, several key policy decisions are anticipated to shape his upcoming tenure.
Economic Policy
A primary focus will be on extending the Tax Cuts and Jobs Act provisions set to expire at the end of 2025. Additionally, Trump proposes new tax breaks, including eliminating taxes on Social Security benefits, tipped income, and overtime pay. While these measures aim to reduce individual tax burdens, they may increase the federal deficit, potentially leading to higher interest rates.
Trade and Tariffs
Trump plans to implement a universal 10% tariff on imports, with higher tariffs on Chinese goods, signaling a shift towards protectionist trade policies. These measures are intended to bolster domestic industries but could contribute to inflation and disrupt global trade relations.
Immigration Enforcement
The administration is expected to initiate mass deportations of undocumented immigrants, particularly targeting those with criminal records. This policy could impact sectors like agriculture and construction, potentially leading to labor shortages and affecting economic growth.
Foreign Policy and National Security
Trump's "America First" stance suggests a reevaluation of international alliances and commitments. This includes questioning NATO obligations and seeking to renegotiate trade agreements, which may alter the global geopolitical landscape.
Cryptocurrency Regulation
The cryptocurrency industry anticipates executive orders promoting mainstream adoption, such as establishing a national Bitcoin reserve and ensuring banking access for crypto firms. These actions could position the U.S. as a leader in digital currency innovation.
These policy directions indicate a transformative agenda that will influence both domestic and international spheres during Trump's forthcoming presidency.
