President Trump at the One-Year Mark: A Status Update on Economic Promises
Trump's Implemented Economic Policies from His Initial 100 Days in Office
Alright, with Donald Trump's first anniversary in office approaching, let's take a gander at how he's been doin' on his economic promises.
Tariff Increase - Enacted
Raw tariffs was one of the big tickets in Trump's campaign, and boy, did he deliver. Ever since his swearing-in, he's been slappin' on tariffs like nobody's business, targeting countries such as Canada, China, and Mexico, as well as specific products like aluminum and steel.
Some of his tariff proposals are higher than what he initially proposed during the campaign. For instance, tariffs on China went as high as 145%, while Canada and Mexico are shoulderin' 25% tariffs on anything that ain't protected under the USMCA.
Trump claims these tariffs are essential for bringin' back manufacturing, raisin' revenue, and balancin' trade deficits. However, economists warn that these higher-than-expected tariffs could slow economic growth, cause inflation, and potentially plunge the economy into a recession.
DOGE Department - Enacted
Another campaign promise was to cut wasteful spending in the federal government, and Trump tapped Tesla CEO Elon Musk to head a new department called the Department of Government Efficiency (DOGE). This department's job is to slash spending by eliminatin' positions and contracts that are deemed unnecessary or wasteful.
While the DOGE hasn't reached its $1 trillion savings goal yet, it has claimed $160 billion in savings. Some question whether these cuts will save money in the long run.
Tax Cuts - In Progress
Trump promised a slew of tax cuts during his campaign, including a renewal of the 2017 Tax Cuts and Jobs Act. The act has several provisions set to expire at the end of 2025.
While Congress hasn't passed any legislation to renew the act or add new tax cuts yet, they're reportedly makin' it a top priority.
Negotiations about the bill's details are still underway, and Treasury Secretary Scott Bessent has said we can expect it by July 4. Bessent also mentioned that Trump's proposals to eliminate taxes on tips, overtime, and Social Security payments would be among the administration's top priorities.
Deportations - In Progress
Trump promised to kick out as many as 11 million undocumented immigrants, and he's been workin' on it. Trump's executive order to speed up deportations is still in the works, but early reports show that the number of deportations has remained at the same level as the previous administration. However, the White House is pointin' to sharp declines in border crossings and rising instances of self-deportations to show that Trump's immigration policy is makin' progress.
Federal Land for New Housing - In Progress
Team Trump promised to address the limited housing supply in the U.S., a key factor in affordability issues. During his campaign, he said he'd open up federal land for housing development.
In March, the Interior Department and the Department of Housing and Urban Development formed a task force to study how to open some of the federal government's 500 million acres of land for residential housing development. They want to find underused government property to transfer or lease to state and local governments for housing purposes, but they ain't set a timeline for action yet.
Increased Oil Production - In Progress
To keep the price of gas down, Trump promised an increase in oil drilling. His administration has been workin' on it, but as of now, there aren't any major executive orders or legislation that have been announced yet.
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- Despite economists' warnings of potential recession, President Trump has continued to enhance tariffs on various countries and products, reaching levels beyond his initial campaign promises.
- In an effort to reduce wasteful spending, the Department of Government Efficiency (DOGE) was established with Elon Musk at the helm, claiming $160 billion in savings so far.
- The 2017 Tax Cuts and Jobs Act, which includes provisions that are set to expire in 2025, is undergoing negotiations in Congress, with Treasury Secretary Scott Bessent expecting the renewal by July 4.
- Trump's immigration policy, focused on deporting undocumented immigrants, has shown minimal progress with the number of deportations remaining consistent with that under the previous administration.
- In an attempt to address affordability issues, the federal government is exploring the possibility of opening up 500 million acres of land for residential housing development, although a timeline has yet to be set.
- To keep the price of gas down, President Trump's administration is working on increasing oil drilling, but has yet to announce any major executive orders or legislation in this area.
- President Trump's policy on cryptocurrency and ICOs (Initial Coin Offerings) remains unclear, as his international economic team shows no interest in discussing such matters and his domestic team hasn't addressed Defi's (Decentralized Finance) impact on traditional finance or investing in the business sector.
- The Trump administration has yet to articulate a concrete policy regarding tariffs on digital tokens or cryptocurrencies, leaving their position in the burgeoning crypto market and the broader technology-driven economy uncertain.
