First and foremost, it is crucial to understand Trump's core support group, primarily known as 'rednecks,' which consists of low-income white evangelicals, residents of the 'Rust Belt,' and agricultural states. Unlike Biden's advocacy for global liberalization, these voters are more inclined towards isolationism and support Trump's 'America First' strategy. They are focused on economic and employment issues, primarily representing the interests of industries such as oil, automotive, manufacturing, transportation, and raw materials.
In terms of policy, Trump adheres to the principle of 'America First,' striving to protect the interests of domestic manufacturing. He advocates for universal benchmark tariffs on foreign companies, increases in domestic energy supply, and promotes oil production. He also supports providing tax breaks for oil, gas, and coal producers to foster the development of these industries.
We have summarized his core economic policies:
1. Trade policy
Plans to impose at least a 10% tariff on most goods imported into the U.S. from other countries, with tariffs on Chinese imports potentially rising to 60% or higher;
Introduce the (Trump Reciprocal Trade Act), aimed at 'stopping American job opportunities from flowing overseas,' gradually halting imports of essentials such as electronics, steel, and pharmaceuticals from specific countries, and prohibiting companies from certain countries from owning infrastructure in U.S. energy, technology, and farmland sectors;
2. Fiscal tax policy
Extend the (Tax Cuts and Jobs Act) signed in 2017, which lowered the corporate tax rate from 35% to 21%;
Plans to further reduce the corporate tax rate to 15%, significantly cut taxes for workers, including eliminating the tip tax for restaurant and hotel workers;
Upholding 'America First,' protecting the interests of American domestic manufacturing, and committing to 'lower taxes, increase wages, and create job opportunities' for American workers by implementing universal benchmark tariffs that reward domestic production and tax foreign companies;
3. Immigration policy
Promised to launch the 'largest deportation effort in American history,' planning to deport millions of illegal immigrants each year;
Plans to end automatic citizenship for children of illegal immigrants;
Stop 'birth tourism,' implement travel bans, and suspend refugee admissions;
4. Energy policy
One of the top priorities is 'DRILL, BABY, DRILL.' Increase oil drilling and provide tax breaks for oil, gas, and coal producers;
Oppose existing government subsidies for wind energy development;
Plans to overturn the Biden administration's electric vehicle goals and vigorously develop the traditional automobile industry;
5. Infrastructure investment
Stated that taxpayer money would be used for infrastructure projects such as roads, bridges, and dams;
Emphasized that taxpayer money will not be spent on 'meaningless green new scams';
6. Healthcare policy
Plans to restore his August 2020 executive order aimed at ensuring that essential drugs, medical countermeasures, and critical inputs are produced in the U.S.;
Considering the repeal or reform of the Affordable Care Act to reduce costs;
7. Cryptocurrency policy
Trump, who once held a skeptical and critical stance towards cryptocurrencies, has now changed his position to become a presidential candidate supporting cryptocurrencies.
In July 2024, at a Bitcoin conference, Trump expressed his love for Bitcoin almost unabashedly, stating that Bitcoin's market value would surpass gold, and that after being elected, he would remove the crypto-unfriendly SEC chairman and announce his desire for the U.S. to become the 'global cryptocurrency capital' and Bitcoin's 'world superpower.'
Some of Trump's cryptocurrency policy proposals include:
Establish a government reserve of Bitcoin: the government will 'retain 100% of the Bitcoin currently held or to be acquired by the U.S. government'
Establish a cryptocurrency advisory committee.
Prevent the creation of Central Bank Digital Currency (CBDC).
