After winning a decisive majority in the 2024 U.S. Presidential election, Republican Donald Trump addressed his supporters at the Palm Beach Convention Center on Wednesday, calling his campaign “a movement like nobody has seen before.” He also described the election as the most significant political movement in history, expressing gratitude to Americans for electing him as the 47th President.
The results of the 2024 U.S. election will significantly reshape key domestic and international policies, driven largely by the return of President Donald Trump. Here are five key changes to expect:
Tax Cuts to Return
Trump has committed to extending and enhancing the 2017 Tax Cuts and Jobs Act, which would result in lower taxes for high-income earners and corporations. His policies could include reducing corporate tax rates even further and making certain tax cuts permanent. While this could potentially stimulate economic growth, it may also increase the federal deficit if the tax reductions are not offset by spending cuts.
Tariff Wars to Resume with China under Trump
Trump’s aggressive stance on trade, particularly with China, is set to continue. He plans to impose high tariffs on Chinese imports, possibly as much as 60%. This would likely escalate the trade conflict, leading to higher prices for consumer goods and further economic tensions. In addition, such measures could splinter global alliances that had been cooperating to counter China’s economic rise.
Support for the Ukraine War to Reduce under Trump
A Trump presidency may signal a shift in U.S. foreign policy regarding Ukraine. While the Biden administration has been a strong supporter of Ukraine in its conflict with Russia, Trump has expressed reluctance to continue providing extensive support. This could result in a decline in military aid and diplomatic backing for Ukraine.
Illegal Immigration Battle to Return
Trump’s hardline approach on immigration, including strict border security and the deportation of undocumented migrants, is expected to re-emerge. Policies such as building the border wall and pushing for tighter immigration laws will likely dominate domestic debates once again, igniting significant political and social tension.
U.S.-European Relationship to Take a Hit
A re-election of Trump could strain U.S.-European relations. His “America First” approach to foreign policy has often clashed with European priorities, particularly regarding climate change, trade agreements, and NATO obligations. This could lead to a deterioration in transatlantic cooperation, potentially isolating the U.S. further on the global stage.
These changes would represent a dramatic shift in U.S. governance and international dynamics, with far-reaching consequences for both domestic policies and global relations.
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