Trump, Tariffs and Taxes: How He’ll Turn Campaign Promises Into Policy
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Deep Dive
How can President-elect Trump implement tariffs without congressional approval?
Trump can use executive orders to impose tariffs under existing statutes designed for unfair trade practices and national security, leveraging his mandate from the electorate.
Why might some business leaders resist Trump's tariff plans?
Companies, particularly retailers, may object due to potential increased costs and retaliatory measures from trading partners, affecting their bottom line and supply chains.
What role does Congress play in Trump's tariff policies?
Congress has granted broad tariff authority to the president, making it difficult to revoke or enact new tariffs without significant congressional support or votes.
What are the key tax proposals Trump has outlined?
Trump aims to extend 2017 tax cuts, eliminate taxes on tips, overtime, and Social Security benefits, and restore the state and local tax deduction, among other costly promises.
Which tax proposals require congressional approval?
Major changes like eliminating taxes on overtime and Social Security benefits, and restoring the state and local tax deduction, need congressional approval due to their significant financial impact.
How might deficit concerns impact Trump's tax plans?
Republicans prioritizing tax cuts may clash with those focused on deficit reduction, leading to debates on how much additional deficit expansion they are willing to tolerate.
What are the potential areas for deregulation under Trump?
Trump is likely to target regulations in climate, tech, artificial intelligence, finance, and cryptocurrency, potentially with the help of industry-friendly advisors like Elon Musk.
Can the president eliminate regulations without congressional involvement?
While the president can initiate deregulation, agencies must go through formal processes, and some regulations may require congressional approval or action.
What specific regulations might Trump target first?
Potential early targets include Inflation Reduction Act regulations and cryptocurrency industry regulations, given their political and financial implications.
- Trump can impose tariffs through executive orders.
- Businesses, particularly retailers, are likely to object to tariffs.
- Congress lacks the clout to pull back tariff authorities granted to the president.
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