HomeFinanceWhat Donald Trump's Presidential...

What Donald Trump’s Presidential Election Win Means For The US Economy

Donald Trump’s victory in the 2024 presidential election sets the U.S. economy on a course shaped by his agenda. Here’s what that means.

The Associated Press called the election for the former president on Wednesday morning after a projected win in Wisconsin showed him with an insurmountable lead over Vice President Kamala Harris in the Electoral College.

His victory has immediate and longer-term consequences for the U.S. economy. In the short run, the U.S. avoids the uncertainty and disruption that a delayed result could have caused. In the longer run, Trump will have the chance to implement the vision laid out during his campaign, though his ability to do so will depend on which party controls the House of Representatives, and several of those races have yet to be called.

What Is Trump’s Economic Plan?

Trump’s economic plans, as he laid out during his campaign, could dramatically reshape the U.S. economy. Trump’s agenda focuses on tax cuts, cutting regulations, imposing heavy tariffs on foreign products, and deporting millions of immigrants.

Trump’s major economic plans include:

  • Imposing tariffs of 60% or higher on Chinese imports and a broad tariff as high as 20% on imports from all countries.
  • Extending the 2017 Tax Cuts and Jobs Act that expires in 2025, including keeping lower tax rates for high-income earners and corporations.
  • Eliminating income taxes in numerous circumstances including on tips and overtime pay, for police, firefighters and veterans, and on Social Security benefits. He has also proposed making car loans tax deductible.

What Do Economists Think?

Trump’s economic agenda, if fully implemented, could stoke inflation and add to the federal spending deficit, according to multiple analyses by economists and other experts. If Democrats secure control of the House of Representatives, Trump would have a harder time getting any of his tax proposals through but would likely be able to impose tariffs regardless.

Higher tariffs would likely lead to higher prices on imported goods, according to numerous economic analyses. They would cost consumers up to $78 billion a year, according to an analysis by the National Retail Federation released just ahead of the election. For example, a toaster now priced at $40 would cost $48-$52 if Trump’s tariffs are fully implemented.

Deporting immigrants could also affect the economy by reducing the labor force, especially in the homebuilding industry, possibly leading to higher housing costs in the long run.

Trade on the Go. Anywhere, Anytime

One of the world’s largest crypto-asset exchanges is ready for you. Enjoy competitive fees and dedicated customer support while trading securely. You’ll also have access to Binance tools that make it easier than ever to view your trade history, manage auto-investments, view price charts, and make conversions with zero fees. Make an account for free and join millions of traders and investors on the global crypto market.

Source: Investopedia, https://www.investopedia.com/what-donald-trump-presidential-election-win-means-for-the-us-economy-8740252

- A word from our sponsors -

spot_img

Most Popular

More from Author

นักวิจัยด้านความปลอดภัยพบช่องโหว่ในฐานข้อมูลของ DeepSeek

DeepSeek บริษัทสตาร์ทอัพด้านปัญญาประดิษฐ์ของจีน ถูกนักวิจัยด้านความปลอดภัยค้นพบช่องโหว่ ซึ่งเป็นข้อมูลการสนทนาและคีย์ลับ หรือ Secret Keys กว่า 1 ล้านรายการ สร้างความกังวลเกี่ยวกับความเป็นส่วนตัวและความปลอดภัยของข้อมูลผู้ใช้ นักวิจัยด้านความปลอดภัยจาก...

Painting found at garage sale is a Van Gogh, experts say

A painting bought at a garage sale in Minnesota is a...

- A word from our sponsors -

spot_img

Read Now

Mr Nguyen Thang Long – The dream of elevating young designers at Global Student Fashion Week

In the Vietnamese fashion industry, Mr. Nguyen Thang Long is not only known as a passionate founder but also as a strong source of inspiration for the younger generation of designers. With firm belief in the talent and creative potential of young people, he has tirelessly worked...

Miss &Mister Celebrity Vietnam 2024 – Truong Thuy Trang & Doan Bao An – Image Representatives of GSFW

Truong Thuy Trang and Doan Bao An, winners of Miss & Mister Celebrity Vietnam 2024, have been appointed as Image Representatives for Global Student Fashion Week (GSFW) 2025. This marks a significant step in their careers while promoting Vietnamese fashion on the international stage. Truong Thuy Trang -...

นักวิจัยด้านความปลอดภัยพบช่องโหว่ในฐานข้อมูลของ DeepSeek

DeepSeek บริษัทสตาร์ทอัพด้านปัญญาประดิษฐ์ของจีน ถูกนักวิจัยด้านความปลอดภัยค้นพบช่องโหว่ ซึ่งเป็นข้อมูลการสนทนาและคีย์ลับ หรือ Secret Keys กว่า 1 ล้านรายการ สร้างความกังวลเกี่ยวกับความเป็นส่วนตัวและความปลอดภัยของข้อมูลผู้ใช้ นักวิจัยด้านความปลอดภัยจาก Wiz เปิดเผยว่าพวกเขาได้ค้นพบฐานข้อมูลสำคัญของ DeepSeek ที่เปิดเผยสู่สาธารณะโดยไม่มีการป้องกัน โดยข้อมูลที่พบประกอบไปด้วยประวัติการสนทนาของผู้ใช้งาน คีย์สำหรับยืนยันตัวตน API บันทึกระบบ และข้อมูลสำคัญอื่นๆ ซึ่งสามารถเข้าถึงได้โดยไม่มีข้อจำกัดใดๆ ทีมวิจัยของ Wiz ระบุว่าพวกเขาสามารถค้นพบฐานข้อมูลนี้ได้ภายในไม่กี่นาที โดยไม่ต้องผ่านกระบวนการยืนยันตัวตน ข้อมูลดังกล่าวถูกเก็บอยู่ในระบบจัดการข้อมูลโอเพ่นซอร์สที่เรียกว่า ClickHouse และมีบันทึกมากกว่า 1 ล้านรายการ Wiz ระบุว่าช่องโหว่นี้อาจทำให้แฮกเกอร์สามารถควบคุมฐานข้อมูลได้ทั้งหมด รวมถึงอาจเพิ่มสิทธิ์การเข้าถึงในระบบของ DeepSeek ได้ ซึ่งอาจนำไปสู่การโจมตีระบบภายในของบริษัท หลังจาก Wiz แจ้งเตือนเรื่องช่องโหว่ DeepSeek ได้ดำเนินการปิดฐานข้อมูลทันที อย่างไรก็ตาม ยังไม่มีข้อมูลแน่ชัดว่ามีใครเข้าถึงข้อมูลนี้ไปก่อนหน้าหรือไม่ นักวิจัยของ Wiz ให้สัมภาษณ์กับ Wired ว่าไม่แปลกใจเลยหากมีคนอื่นพบฐานข้อมูลนี้ก่อนพวกเขา เพราะมันถูกเปิดกว้างและค้นพบได้ง่ายมาก นอกจากนี้ พวกเขายังตั้งข้อสังเกตว่าระบบของ...

Painting found at garage sale is a Van Gogh, experts say

A painting bought at a garage sale in Minnesota is a previously unknown portrait by Dutch artist Vincent Van Gogh, according to a newly published expert analysis. It was made by Van Gogh during his stay at a psychiatric hospital in the south of France in 1889, experts commissioned...

Best red carpet looks at the 2025 Grammy Awards

The Grammy Awards are renowned for outlandish fashion. But on a night of tributes to first responders and victims of LA’s recent wildfires, many guests struck a comparatively restrained note at the Crypto.com arena on Sunday. The all-black trend seen at recent award ceremonies was embraced by everyone from Miley...

Meet the designer redefining lace for the 21st century

When British comedian and presenter Amelia Dimoldenberg stepped onto the red carpet to interview Sydney Sweeney in 2022, it only took a second for Dimoldenberg’s dress to reverse their roles. “This is amazing,” Sweeney said, reaching out to touch the presenters’ sleeveless black floor-length gown. The fabric —...

Anna Wintour takes off her iconic sunglasses for meeting with King Charles

Anna Wintour is rarely seen without her shades. But for a special occasion, she was prepared to break with tradition. The legendary Vogue editor-in-chief was presented with the Order of the Companions of Honour by King Charles III at Buckingham Palace on Tuesday. She was appointed to the order in...

Grammys and FireAid concerts expected to raise over $120 million for LA fire relief

The music industry came together for an ambitious Los Angeles fire relief effort the week of the Grammy Awards that is estimated to have raised more than $120 million. Of that, $9 million raised during the Grammys telecast on Sunday night, a representative for the Recording Academy told...

Miles Teller saved his recently deceased grandfather’s watch from Palisades Fire… and not much else

Miles Teller’s home was destroyed when the Palisades Fire ripped through his Los Angeles neighborhood last month, but he grabbed one very important item just in the nick of time. Teller recounted his harrowing experience evacuating his home in the Pacific Palisades – an affluent neighborhood in LA’s Westside that...

Kim Kardashian’s ‘Nobody Wants This’ mixup caused Adrien Brody’s Instagram to go ‘crazy’

Adrien Brody’s Instagram recently got a major surge in activity, all thanks to Kim Kardashian. “The Brutalist” actor recounted to late night host Jimmy Fallon on Monday’s episode of “The Tonight Show” how Kardashian mixed him up with Adam Brody in a message on her Instagram story last month raving...

Harrison Ford is ‘still happy’ he made ‘Indiana Jones 5’ despite underwhelming box office

It takes a lot to make Harrison Ford regret doing a project. This is especially true when it comes to the classic “Indiana Jones” franchise, in which Ford starred as the titular character, including the franchise’s fifth installment, 2023’s “Indiana Jones and the Dial of Destiny.” The movie grossed $60...

Ozzy Osbourne to reunite with Black Sabbath for farewell concert

Ozzy Osbourne has announced that the original members of Black Sabbath will play a concert together for the first time in 20 years. In a post on X, Osbourne revealed that he would reunite with Tony Iommi, Geezer Butler and Bill Ward to play one final show at Villa Park in...