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Trump Economic Policy Tag

President Donald Trump has offered us a little hint into the tax reform plan he wants to unveil on Wednesday. He has demanded aides to draft a plan that cuts the corporate tax rate to 15%. It would help him keep one of his campaign promises. On the trail, he vowed to bring the tax rate to 15% from 35%. Yet, it could cause a fight on Capital Hill. Republicans want to cut taxes, but they cannot agree on how much.

President Donald Trump will sign an executive order for Treasury Secretary Steven Mnuchin to target financial regulations from former President Barack Obama that have caused companies trouble to conduct business. Mnuchin has said that the orders from Trump "are meant to emphasize the administration's economic priorities to the American people." This includes parts of the Dodd-Frank Act and tax regulations handed out in 2016.

President Trump is set to sign a "Buy American, Hire American" Executive Order today that is expected to direct federal agencies to buy American when possible and to refocus the H-1B visa program to discourage companies from replacing American workers with lower paid foreign workers.  Rather than a new set of rules, the Executive Order seeks to ensure enforcement of decades old existing laws and rules that have gone unenforced. In yesterday's White House background briefing, a senior administration official explained that the rules for buy American and hire American have been abused and "enormously diluted over time" due to waivers and exemptions.  President Trump's executive order is intended to rectify this problem.

President Donald Trump met with CEOs along with five Cabinet members again today to discuss tax reform, NAFTA, and Dodd-Frank. He believes reforming all of those will help domestic businesses. Fox Business reported:
“At the top of our agenda is creating great high paying jobs for American workers ... We've created over 600,000 jobs already … and it's catching on,” the president told the press Tuesday, before adding Americans can expect “some pleasant surprises” regarding NAFTA.

White House aides have told the Associated Press that President Donald Trump has decided to scrap the tax reform plan he campaigned on and start from scratch as a way to bring in more Republicans. Trump and House Republicans already endured one defeat when many Congressional Republicans would not vote for their healthcare plan. The White House wants to take a more active role with tax reform so failure does not happen again.

Now that the GOP healthcare bill is dead, the administration will more than likely set its eyes on tax reform. However, this could very well end like the healthcare bill. House Speaker Paul Ryan (R-WI) insisted that the party has "more agreement" when it comes to tax reform while Treasury Secretary Steven Mnuchin explained that the "plan to overhaul the U.S. tax code would face smoother sailing" than healthcare. Oh really?

President Donald Trump released his plan for the 2018 federal budget titled "America First: A Budget Blueprint to Make America Great Again." The plan includes cuts to some departments and slashes programs in order to reallocate funds to a bigger defense budget. "One of the most important ways the Federal Government sets priorities is through the Budget of the United States," wrote Trump. "Accordingly, I submit to the Congress this Budget Blueprint to reprioritize Federal spending so that it advances the safety and security of the American people."

President Donald Trump's promises to overhaul regulations and the tax codes along with positive sale outlooks have raised optimism among U.S. CEOs. The Business Roundtable conducted its CEO Economic Outlook Index, "a measure of expectations for revenue, capital spending and employment," found that the optimism jumped to 93.3. That's a jump of 19.1 points and the most since 2009.

The Congressional Budget Office (CBO) has released its analysis of the House Republican Obamacare replacement bill, which estimates that millions will lose coverage, but will bring down costs. The report has many people freaked out, with some saying its proof that repealing Obamacare will harm Americans. Most major media outlets and Democrats have failed to mention that many of those would "lose" coverage will do so because they choose to opt out. The AHCA repeals one of Obamacare's worst features -- the individual mandate.

The Labor Department has reported that the U.S. economy added 235,000 jobs in February. This stat has lowered the unemployment rate to 4.7% while wages went up "2.8 percent from February 2016." From Bloomberg:
“We’re getting closer and closer to full employment,” said Ryan Sweet, an economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “Wages had been the one sore spot in the labor market data, and I think that’s coming through here. With inflation accelerating I think we’re going to start to see even stronger wage growth down the road.” The prospect of a Fed rate increase at its meeting next week is “pretty much a slam dunk,” he said.

At the Republican National Convention last year, Ivanka Trump stated:  "As President, my father will change the labor laws that were put into place at a time when women were not a significant portion of the workforce, and he will focus on making quality childcare affordable and accessible for all." Apparently following up on this promise, Ivanka met with members of Congress last week in order to sell them on her unfunded $500 billion child care tax credit.

President Trump has been meeting with business leaders regularly since his inauguration, including a meeting this week. These sessions cover a wide array of topics and grew out of Trump's December announcement of an advisory panel on manufacturing.
“Today we have 24 CEOs from the largest manufacturing companies in the country and even in the world. They represent--people in this room--nearly $1 trillion of sales and two million employees, large majorities of which are in the United States. They share our commitment to bring manufacturing back and to create jobs in this country,” Trump said.

President Donald Trump began his first full day with a bang by signing three executive orders that withdraws America from the Trans Pacific Partnership (TPP), defunds International Planned Parenthood, and freeze hiring of federal workers. TPP became a hot topic on the campaign trail with Trump vocally against it. Former President Barack Obama worked on the agreement for almost two years with the aim of "eliminating most tariffs and other trade barriers among the U.S., Japan, Canada, Mexico, Australia, Vietnam and half a dozen other countries around the Pacific."

Following the news that Ford had cancelled its planned $1.6 billion auto assembly plant in Mexico, Mexican officials are concerned about the impact this will have on their economy. The Wall Street Journal reports:
Ford Motor Co.’s decision to cancel a planned $1.6 billion assembly plant in the Mexican industrial city of San Luis Potosí caught the nation’s elected officials off guard and represents a major blow to one of the main engines of Mexico’s economy.
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