President-elect Donald Trump will take office in 2025 and implement key economic policies, including eliminating regulations on industries, extending tax cuts, and raising tariffs on foreign goods.
During his campaign, Trump vowed to boost U.S. industrial growth by removing trade restrictions and cutting taxes that expire after 2025. He also proposed increasing tariffs to collect revenue and revive the domestic manufacturing sector.
However, economists warn that higher tariffs could lead to increased prices for American consumers. “This would not promote a revitalization of the industrial sector,” said Marcus Noland, executive vice president at the Peterson Institute for International Economics.
Trump’s economic plans are expected to have significant impacts on employment, inflation, and other indicators in the U.S. economy. Analysts believe that if the Republican party wins both chambers of Congress, Trump’s fiscal ideas will shape the country’s economic trajectory.
As Trump returns to the White House in 2025, his economic agenda is likely to be a key factor in shaping the nation’s economic future.
Source: https://www.cnbc.com/2024/11/11/president-elect-trumps-2024-election-win-sets-up-economic-change.html