The policies shaping the future of the United States
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- Socially Responsible Enterprise
- 00:21 29/11/2024
DNHN - Donald Trump's re-election as President of the United States will mark the beginning of a major turning point in trade policy, with far-reaching effects on global trade.
Results of the 2024 U.S. Presidential Election
According to PBS News, citing data from Open Secrets as of November 5, 2024, a total of $5.5 billion has been spent by presidential candidates, political parties, and independent interest groups to influence federal elections.
Forbes reported that at least 135 members of the Three-Comma Club (individuals with a net worth over $1 billion) supported Democratic candidate Kamala Harris (83 individuals) and Republican candidate Donald Trump (52 individuals). Notable billionaires backing Harris include Bill Gates, Michael Bloomberg, Laurene Powell Jobs, and Melinda French Gates, while Trump has support from Elon Musk and Timothy Mellon.
Additionally, Trump broke his own record as the richest presidential candidate in history, with his net worth surging over $8 billion in October 2024, thanks to a significant increase in the stock value of his social media company, Truth Social. Though the stock later cooled down and his net worth fell below $6 billion, Trump’s wealth was still vastly higher than Kamala Harris's, whose net worth is only 0.1% of his.
In the November 6, 2024 election, Donald Trump received 76,818,362 popular votes (50% of total voters), while Kamala Harris earned 74,308,711 votes (48.4% of voters). Trump secured 312 electoral votes (surpassing the 270 needed for victory), while Harris garnered 226. Consequently, Trump won the presidency, becoming the 47th President of the United States, with his inauguration scheduled for January 20, 2025, in Washington D.C.
Furthermore, the Republican Party secured control of the U.S. Senate, winning 53 seats (out of 51 needed), compared to the Democratic Party’s 47 seats. The Republicans also took control of the House with 219 seats (out of 218 needed), while the Democrats gained 213 seats.
Thus, Trump and the Republican Party achieved a sweeping victory across all three fronts in the 2024 elections, paving the way for implementing the policies he promised during his campaign.
Key Policies for Trump’s 2025-2029 Term
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Tax Cuts: Trump plans to reduce corporate taxes to boost U.S. business activity, and he has suggested eliminating federal taxes on tips and Social Security benefits. This tax cut is expected to lead to strong economic growth in 2026 and 2027.
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Tariffs: Trump proposes a tariff range from 10% to 20% on all imports, and up to 60% on imports from China, to encourage businesses to manufacture within the U.S., creating jobs and boosting the economy.
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Government Debt: As of November 2024, U.S. government debt surpassed $36 trillion. Trump's policies, particularly tax cuts, will add to this debt, potentially increasing borrowing costs and impacting the economy.
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Immigration: Trump advocates for strict immigration controls, including mass deportations of illegal immigrants and stricter legal immigration criteria. This could reduce the labor force in the U.S. and strain the economy.
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Federal Reserve: Trump has repeatedly criticized the Federal Reserve's interest rate policies. With his re-election, he may push for more influence over monetary policy.
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International Conflicts: Trump opposes U.S. involvement in global conflicts. He aims to resolve the Ukraine-Russia conflict within 24 hours of taking office and seeks to strengthen U.S.-Israel relations.
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