Economic policy of the second Trump administration

Last updated

Under the second presidency of Donald Trump, the federal government of the United States has pursued an economic policy focused on lower taxation, deregulation, and large-scale protective tariffs. Trump nominated Howard Lutnick as the United States Secretary of Commerce, Scott Bessent as the United States Secretary of the Treasury, and Russell Vought as the director of the Office of Management and Budget (OMB), all of whom were confirmed by the U.S. Senate. When Donald Trump took office as president in January 2025, the economy of the United States had increasing economic growth, low unemployment, and declining inflation in the aftermath of the 2021–2023 inflation surge.

Contents

To cut the United States's federal budget, Trump established the Department of Government Efficiency (DOGE), led by Elon Musk. DOGE employees have vastly cut spending at various federal agencies, and have attempted to dismantle nearly all of the functions of the United States Agency for International Development and the Consumer Financial Protection Bureau. Though Musk set the initial goal of US$2 trillion in savings for DOGE, he later revised it to $150 billion. By April 2025, he said DOGE had saved over $160 billion, though the costs of the mass layoffs of government employees and other methods offset much of its savings. In January 2025, the OMB briefly issued a pause to all grants and loans from the federal government.

Much of Trump's domestic economic agenda has centered around the extension of the Tax Cuts and Jobs Act of 2017, which was passed during his first presidential term. Trump has also pledged to remove taxes on tips, overtime pay, and Social Security benefits, though all of his proposals face resistance from Congress, which the tax cuts likely to increase the U.S. national debt by trillions of dollars if not offset by politically unpopular cuts to spending. He sought greater government control over private businesses, abandoning traditional conservative free market orthodoxy in favor of state capitalism by taking direct government equity stakes in major US corporations. Trump also imposed steep protectionist tariffs against nearly every country in an effort to correct U.S. trade deficits and promote manufacturing in the U.S., significantly escalating the China–U.S. trade war and beginning a trade war with Canada and Mexico. The reaction to Trump's tariffs, including his April 2025 decision to impose a universal 10 percent tariff on nearly all countries and higher rates on many other countries, led to a stock market crash.

Background and campaign

Donald Trump, previously the president of the United States from 2017 to 2021, [1] campaigned in 2024 on the promise of an economic nationalist system characterized by protective tariffs, lower taxation, and reduced regulations, where income tax would be largely or completely replaced by tariffs on other countries to defend local manufacturing. [2] [3] [4] In his first presidency, Trump had also focused on protectionism. [5] In 2024, he vowed to enact even higher tariffs than those imposed in his first term, including a universal baseline tariff of 10 to 20 percent, and high tariffs on China, Mexico, and all cars imported to the United States. [2] [6] [7] He proposed a four-year transition away from essential goods imported from China [5] [8] and sought to transform the U.S. into a self-sufficient economy. [3] Trump pledged to extend and expand the 2017 tax cuts passed during his first term, [9] [10] and promised to remove taxes on tips, overtime, and Social Security benefits. [11] [12] [13] Trump also pledged to devalue the U.S. dollar to cheapen American exports. [14]

Trump campaigned against the 2021–2023 inflation surge that followed the COVID-19 pandemic in the United States, for which he blamed his successor, President Joe Biden. [15] Trump's victory in the 2024 U.S. presidential election was attributed in part to voters' dissatisfaction with the Biden administration's handling of inflation. [16] Many economists criticized the Trump campaign's economic agenda for potentially leading to an increase in inflation [17] [15] [18] [19] and the addition of around US$15 trillion to the United States's national debt. [20] Ahead of Trump's inauguration on January 20, 2025, the economy of the United States had increasing economic growth, low unemployment, and declining inflation by statistics. [21] [22] [23] [24] [25]

Personnel

Official portrait of Treasury Secretary Scott Bessent (cropped).jpg
Scott Bessent, the U.S. secretary of the treasury
Howard Lutnick 2025 (cropped) 2.jpg
Howard Lutnick, the U.S. secretary of commerce

In November 2024, as president-elect, Trump nominated several officials to serve in his cabinet during his second presidency. He nominated Howard Lutnick as the United States Secretary of Commerce, [26] Scott Bessent as the United States Secretary of the Treasury, [27] [28] and Russell Vought as the director of the Office of Management and Budget (OMB). [29]

On January 16, 2025, Bessent appeared before the Senate Committee on Finance and defended Trump's tariff strategy and said he favored extensions on tax cuts and harsher economic policies against China and Russia. [30] The U.S. Senate voted 68–29 to confirm Bessent as treasury secretary on January 27. [31] [32] The Senate Committee on the Budget approved Vought's nomination on January 30 in an 11–0 vote that was boycotted by all nine Democratic Party members and the one independent on the committee. [33] The full Senate voted 53–47 on February 6 to confirm him as the OMB director. [34] On February 18, the Senate voted 51–45 to confirm Lutnick as the commerce secretary, [35] and he was sworn in to the role three days later, on February 21. [36]

Budget and spending

Elon Musk, the de facto leader of the Department of Government Efficiency USAFA Hosts Elon Musk (Image 1 of 17) (cropped 3x4).jpg
Elon Musk, the de facto leader of the Department of Government Efficiency

Trump established the Department of Government Efficiency (DOGE), an initiative tasked with cutting federal government spending. DOGE is de facto led by businessman Elon Musk, who officially serves as senior advisor to the president. [37] [38] [39] DOGE members have filled influential roles at federal agencies and sought to vastly cut their spending, [40] facilitating mass layoffs of federal government employees and the dismantling of federal agencies. [41] [42] [43] Layoffs primarily focused on probationary employees, with nearly 10,000 federal employees fired by February 2025. [44] Musk initially said that DOGE would cut $2 trillion from the United States federal budget, which he first revised to $1 trillion, and later to $150 billion. [45] DOGE said in April 2025 that it had saved $160 billion; [46] an analysis has suggested that its cuts and firings have cost $135 billion, [47] and evidence has emerged of errors in DOGE's accounting that incorrectly inflates the amount of money it has saved. [48] [49]

Trump and DOGE have attempted to dismantle the vast majority of the United States Agency for International Development (USAID). [50] USAID, which employed around 10,000 people, was originally tasked to carry out and monitor worldwide humanitarian projects, [51] though some have criticized it for contributing to projects that are not humanitarian in nature and for mismanaging its funding. [52] Vought was also made the acting director of the Consumer Financial Protection Bureau (CFPB) upon becoming OMB director, and he worked to shut down much of the CFPB's operations. [53] In February 2025, Trump directed the treasury secretary to end production of the U.S. penny. [54]

Trump appointed allies of him and Musk to the United States Office of Personnel Management (OPM) and the General Services Administration (GSA) to facilitate planned spending cuts. [55] [56] In January 2025, the OPM offered employees of the federal government a deferred resignation program in which they could receive their salary and benefits through September 2025 if they resigned before February 6. [57] Musk and DOGE gained access to the payment system of the U.S. Department of the Treasury. [58] Opposition to DOGE has resulted in numerous lawsuits challenging the legality and constitutionality of its actions. [59]

Federal government grant pause

Russell Vought, the director of the Office of Management and Budget Russell Vought.jpg
Russell Vought, the director of the Office of Management and Budget

On January 27, 2025, the OMB issued a temporary pause to all grants and loans from the federal government to 2,600 programs, in order to "determine the best uses of the funding" that was "consistent with the law and [Trump's] priorities". [60] [61] [62] The OMB later said that the pause would exclude "any program that provides direct benefits to Americans", such as Medicaid, the Supplemental Nutrition Assistance Program, Pell Grants, and funding for small businesses and farmers. [63] [64] The pause created uncertainty among government employees, lawmakers, and other organizations, [65] and the OMB rescinded the memo authorizing it on January 29. [60] The federal grant pause was blocked by a federal judge in February following lawsuits against it. [66] [67] [68] A judge ordered the Trump administration to "immediately restore frozen funding" on February 10, finding that the government had "improperly" frozen them. [69]

Interference in private business

These paragraphs are an excerpt from Targeting of political opponents and civil society under the second Trump administration § Actions against corporations and business.[ edit ]

Trump sought an unprecedented amount of control over US business, publicly attacked companies and their executives, demanded firings of corporate leaders who criticized or contradicted him, and demanded cuts of business profits by the federal government. [70] His administration confirmed that it maintained a loyalty scorecard of 553 American companies based on their "support of present and future administration initiatives". [71]

Trump abandoned traditional Republican orthodoxy about protecting and promoting the free market, [72] [73] [74] and sought greater and direct government control over private business which was widely described by academics, economists, commentators, and former corporate CEOs as an embrace of Maoist or Marxist state capitalism. [75] [76] [77] [78] [79] His demand and agreement with NVIDIA and AMD to provide the government with 15% of all overseas chip sales to China were described by critics as a "shakedown" and as potentially illegal and unconstitutional. [72] [78] In an unprecedented move, the Pentagon became the largest shareholder of MP Materials, bypassing US procurement and contracting laws in the process. [80] As part of an agreement to allow Japan-based Nippon Steel buy US Steel, Trump was granted a personal, not governmental, golden share in US Steel, allowing him to influence board decisions and maintain veto power over certain decisions set to expire at the end of his presidential term, after which the Treasury and Commerce Departments would exercise control under all future presidents. [81] Intel agreed to grant the government a 10% equity stake in its company with no power to influence board decisions "with limited exceptions" in what NBC News described as "the president's latest extraordinary move to exert federal government control over private business". [73]

Writing for TIME magazine in 2024, Jeffrey Sonnenfeld described Trump's moves against capitalism from his first term as sharing "more in common with far-left progressive positions than with traditional GOP views, and are often far more progressive than the Biden Administration" and wrote that he expected such attacks to continue into his second term. [82]

Taxation and deficits

In order to extend Trump's 2017 tax cuts, Republican Party members in Congress began considering cuts to various social programs, including Medicare. [83] [84] In January 2025, the Congressional Budget Office estimated than a 10-year extension of the tax cuts would increase the U.S. federal government deficit by over $4 trillion if not offset by spending cuts, and the elimination of federal taxes on Social Security benefits, tips, and overtime income would further increase the national debt. [85] [86] [87] Trump's proposal of enacting much of his legislative agenda with a single bill has led to resistance in Congress, with fiscally conservative Republicans objecting to the tax cuts without corresponding spending cuts, [88] and moderate Republicans opposing any bill with significant cuts to Medicare and Medicaid. [89] In February 2025, Trump signed an executive order directing the creation of a U.S. sovereign wealth fund before 2026, though such funds are typically funded by budgetary surpluses, which the U.S. does not have. [90]

Trade and tariffs

Donald Trump presenting a chart detailing "Liberation Day" tariff rates for many countries in April 2025 Trump showing a chart with reciprocal tariffs (cropped).jpg
Donald Trump presenting a chart detailing "Liberation Day" tariff rates for many countries in April 2025

Trump enacted a series of steep protectionist tariffs against nearly every country, raising the United States's effective tariff rate from 2.5 percent to 27 percent by April 2025. [91] He began a trade war with Canada and Mexico by imposing near-universal tariffs of 25 percent against both countries in March 2025 [92] after a one-month delay. [93] Canada imposed retaliatory tariffs on the U.S., [94] and Trump later indefinitely delayed tariffs on goods compliant with the United States–Mexico–Canada Agreement on free trade between the countries. [95]

Trump justified his tariff policy because of the United States's large trade deficits with many nations and a desire to promote manufacturing in the United States that had been lost to offshoring. [96] When imposing tariffs on Canada and Mexico, he cited the influx in illegal immigrants crossing the U.S. borders with Mexico and with Canada, as well as the opioid epidemic in the United States fueled by fentanyl originating in China reaching the U.S. through Mexico and Canada. [97] [98] [99] [100]

Trump also imposed a universal 10 percent tariff on China in February 2025, [101] which were raised to 20 percent in March, escalating the China–United States trade war. [102] [103] On March 12, he imposed 25 percent tariffs on all steel and aluminum entering the United States, [104] [105] and later that month the announced universal 25 percent tariffs on automobiles and automobile parts, which came into effect on April 3. [106]

On April 2, 2025, Trump announced universal 10 percent tariffs on nearly every country, with higher rates on 57 other countries. [107] The 10 percent tariffs took effect on April 5, [108] [109] and the variable tariffs on other countries took effect on April 9, but were delayed for 90 days shortly after they entered force for all countries except for China, which Trump further raised tariffs on. [91] China responded with retaliatory tariffs of 84 percent on American goods. [110] By April 11, U.S. tariffs on Chinese goods reached 145 percent, [110] while Chinese tariffs on American goods reached 125 percent. [111] That day, Trump announced that U.S. tariffs on all countries would exclude consumer electronics, though electronics from China would retain a 20 percent tariff. [112]

Stock market

On March 9, 2025, Trump declined to say whether his policies could lead to a recession in the United States. [113] He said in an interview with Fox News that it would take time to see the payoff from his policies, but that they would ultimately be worthwhile, saying "If you look at China, they have a 100-year perspective. We have a quarter. We go by quarters, and you can't go by that. You have to do what's right." [114] In the following days, the S&P 500, Nasdaq-100, and Russell 2000 indices entered corrections, which are defined as a fall in a stock market index of over 10 percent from its peak. [115] [113] After Trump's April 2 tariffs, the S&P 500 fell over 10 percent in two days, in its worst week since the COVID-19 recession of 2020. [116] [117] Markets worldwide dropped substantially at the same time in response to Trump's tariffs, [118] [119] [120] causing the Russell 2000 to enter a bear market [121] and the U.S. bond market suffered a sell-off resulting from a loss in investor confidence in the stability of the U.S. stock markets. [122]

Cryptocurrency

Trump promised to deregulate cryptocurrency in the United States, and turn the U.S. into the "crypto capital of the planet". [123] [124] [125] After his 2024 election victory, the price of Bitcoin reached an all-time high. [126] In March 2025, at a "crypto summit" hosted by Trump, David O. Sacks—who Trump named his administration's "crypto czar", said that the cryptocurrency industry had been "subjected to prosecution and persecution". [127] Trump named Paul S. Atkins as chair of the U.S. Securities and Exchange Commission (SEC). [128] Under Trump, the SEC filed to dismiss its lawsuit against Coinbase that charged it with operating as an "unregistered securities exchange, broker, and clearing agency", [129] requested a 60-day pause in its lawsuit against Binance for violating securities laws, [130] and asked that its case against Chinese cryptocurrency billionaire Justin Sun, a Trump associate, be put on hold. [131] [132] The SEC also said it would not exercise any regulatory authority over memecoins, or cryptocurrency originating from internet memes. [133]

On January 17, 2025, three days before his inauguration, Trump had launched and promoted $TRUMP, a memecoin that soared to a market valuation of $5 billion in a few hours, [134] becoming the 19th most valuable cryptocurrency in the world by January 19. [135] Trump personally benefitted from the trade of $TRUMP, [136] potentially increasing his net worth by over $50 billion [137] and drawing criticism from ethics experts and government watchdogs. [135]

In March 2025, Trump established the United States strategic Bitcoin reserve, funded by Bitcoin already owned by the U.S. federal government and U.S. treasury. [138] The U.S. is the largest known state holder of Bitcoin in the world, largely due to seized assets. [139] Trump also created a U.S. government stockpile of non-Bitcoin digital assets. [140] [141] [142] [143]

References

  1. ↑ Baker, Peter (2025-01-20). "For Trump, a Vindication for the Man and His Movement". The New York Times . ISSN   0362-4331 . Retrieved 2025-02-11.
  2. 1 2 Luhby, Tami; Sullivan, Kate (October 27, 2024). "Trump floats ending the federal income tax. Here's what that would mean". CNN . Archived from the original on April 6, 2025. Retrieved April 27, 2025.
  3. 1 2 Weisman, Jonathan (September 5, 2024). "Trump Praises Tariffs, and William McKinley, to Power Brokers" . The New York Times . Archived from the original on December 4, 2024. Retrieved April 27, 2025.
  4. ↑ Leahey, Andrew (June 14, 2024). "Can Trump Eliminate The Income Tax? Maybe With An 85% Tariff" . Forbes . Archived from the original on June 20, 2024. Retrieved April 27, 2025.
  5. 1 2 Savage, Charlie; Swan, Jonathan; Haberman, Maggie (December 26, 2023). "A New Tax on Imports and a Split From China: Trump's 2025 Trade Agenda" . The New York Times . Archived from the original on April 25, 2025. Retrieved April 27, 2025.
  6. ↑ Basu, Zachary (May 8, 2024). "Trump's inflation bomb: How his second-term plans could make it worse". Axios . Archived from the original on May 11, 2024. Retrieved April 27, 2025.
  7. ↑ DuBois, Megan (November 5, 2024). "Trump Promises New Tariffs on Mexico and China". Foreign Policy . Archived from the original on April 1, 2025. Retrieved April 27, 2025.
  8. ↑ Colvin, Jill (November 12, 2023). "Trump's plans if he returns to the White House include deportation raids, tariffs and mass firings". Associated Press . Archived from the original on April 24, 2025. Retrieved April 27, 2025.
  9. ↑ Boak, Josh; Colvin, Jill (April 15, 2024). "Tax Day reveals a major split in how Joe Biden and Donald Trump would govern". Associated Press . Archived from the original on April 27, 2024. Retrieved April 27, 2025.
  10. ↑ Oliphant, James; Slattery, Gram (October 28, 2024). "Trump's second-term agenda: deportations, trade wars, drug dealer death penalty". Reuters . Archived from the original on March 21, 2025. Retrieved April 27, 2025.
  11. ↑ "Tips, overtime, Social Security: A look at Donald Trump's no-tax pledges and what they might cost". AP News. 2024-10-07. Retrieved 2025-04-29.
  12. ↑ Picchi, Aimee (August 5, 2024). Sherter, Alain (ed.). "Trump wants to cut income taxes on Social Security. Here's how that would impact your benefits". CBS News . Archived from the original on September 26, 2024. Retrieved April 27, 2025.
  13. ↑ Bushard, Brian (June 22, 2024). "Trump Promises No Taxes On Tips: The Pros And Cons Explained" . Forbes . Archived from the original on June 22, 2024. Retrieved April 27, 2025.
  14. ↑ Rappeport, Alan (July 16, 2024). "Trump-Vance Administration Could Herald New Era for Dollar" . The New York Times . Archived from the original on April 17, 2025. Retrieved April 27, 2025.
  15. 1 2 Picchi, Aimee (July 19, 2024). Sherter, Alain (ed.). "Trump says he'll end the "inflation nightmare." Economists say Trumponomics could drive up prices". CBS News . Archived from the original on April 15, 2025. Retrieved April 27, 2025.
  16. ↑ Zahn, Max (November 8, 2024). "Why inflation helped tip the election toward Trump, according to experts". ABC News .
  17. ↑ Mattingly, Phil (October 23, 2024). "23 Nobel Prize-winning economists call Harris' economic plan 'vastly superior' to Trump's". CNN . Archived from the original on April 20, 2025. Retrieved April 27, 2025.
  18. ↑ Gleckman, Howard (August 27, 2024). "Trump And Harris Efforts To Fight Inflation Are Unlikely To Succeed". Tax Policy Center . Archived from the original on April 13, 2025. Retrieved April 27, 2025.
  19. ↑ Burns, Tobias (July 10, 2024). "Experts see potential for higher inflation under Trump". The Hill . Archived from the original on July 23, 2024. Retrieved April 13, 2025.
  20. ↑ Duehren, Andrew; Rappeport, Alan (October 7, 2024). "Trump's Plans Could Increase U.S. Debt While Raising Costs for Most Americans" . The New York Times . Archived from the original on October 10, 2024. Retrieved April 27, 2025.
  21. ↑ Horsley, Scott; Simon, Scott (January 25, 2025). "Trump inherits a strong economy by the numbers. What's his plan to lower prices?". National Public Radio. Mark Zandi: The numbers speak for themselves. Growth is strong. Lots of jobs. Unemployment is low. If you take the economy on the whole, it really is about as good as it gets. So President Trump is inheriting a fantastic economy.
  22. ↑ Rugaber, Christopher (January 23, 2025). "Trump's inheriting a solid economy, making it harder to lower borrowing costs or inflation". The Associated Press. Archived from the original on January 23, 2025. Retrieved January 23, 2025.
  23. ↑ Ryssdal, Kai; Terenzio, Sofia (November 6, 2024). "Trump inherits a sturdy economy". Marketplace . Archived from the original on December 19, 2024. Retrieved January 23, 2025.
  24. ↑ Casselman, Ben (December 18, 2024). "The Economy Is Finally Stable. Is That About to Change?" . The New York Times. ISSN   0362-4331. Archived from the original on January 19, 2025. Retrieved January 23, 2025.
  25. ↑ Smart, Tim (January 9, 2025). "Trump Will Inherit a Better Economy Than He Left Behind". U.S. News & World Report . Archived from the original on January 21, 2025. Retrieved January 23, 2025.
  26. ↑ Swanson, Ana; Rappeport, Alan (2024-11-19). "Trump Taps Wall St. Executive Howard Lutnick for Commerce Secretary". The New York Times. ISSN   0362-4331 . Retrieved 2025-04-29.
  27. ↑ Restuccia, Andrew; Schwartz, Brian; Timiraos, Nick; Leary, Alex (November 22, 2024). "Trump Picks Scott Bessent as Treasury Secretary". The Wall Street Journal . Retrieved November 22, 2024.
  28. ↑ Cheung, Brian; Sonnier, Olympia; Richards, Zoë (November 22, 2024). "Trump picks Scott Bessent to serve as treasury secretary". NBC News . Retrieved November 23, 2024.
  29. ↑ Lim, Clarissa-Jan (2024-11-23). "Trump picks Russell Vought, a key figure behind Project 2025, as OMB director". MSNBC . Retrieved 2024-11-27.
  30. ↑ Rappeport, Alan; Duehren, Andrew (2025-01-16). "Trump Treasury Pick Scott Bessent Defends Plans to Cut Taxes and Raise Tariffs". The New York Times . Retrieved 2025-01-17.
  31. ↑ "Senate confirms Scott Bessent as Trump's Treasury secretary". USA Today . 2025-01-27. Retrieved 2025-01-27.
  32. ↑ "Senate confirms Scott Bessent as treasury secretary". CNN . January 27, 2025. Retrieved January 27, 2025.
  33. ↑ Herman, Alice (2025-01-30). "Democrats refuse to vote on Trump budget pick: 'So clearly unfit for office'". The Guardian . Retrieved 2025-02-01.
  34. ↑ Groves, Stephen (2025-02-07). "Senate confirms Project 2025 architect Russell Vought to lead powerful White House budget office". Associated Press . Retrieved 2025-02-07.
  35. ↑ Rappeport, Alan (2025-02-18). "Senate Confirms Howard Lutnick as Commerce Secretary". The New York Times. ISSN   0362-4331 . Retrieved 2025-04-29.
  36. ↑ "Trump expected to sign more executive orders after swearing in commerce secretary". NBC News. 2025-02-22. Retrieved 2025-04-29.
  37. ↑ Charalambous, Peter (February 17, 2025). "Contradictory statements about Musk make it unclear who runs DOGE". ABC News. In his role as senior advisor to the President, Mr. Musk has no greater authority than other senior White House advisors. Like other senior White House advisors, Mr. Musk has no actual or formal authority to make government decisions.
  38. ↑ Falconer, Rebecca (2025-02-18). "Musk is not a DOGE employee and "has no actual or formal authority," White House says". Axios. Retrieved 2025-03-07.
  39. ↑ Tanis, Fatma (2025-03-18). "A federal judge says the USAID shutdown likely violated the Constitution". NPR. Retrieved 2025-04-28. In a 68-page opinion Tuesday, U.S. District Court Judge Theodore Chuang, an Obama appointee, wrote that "the Court finds that Defendants' actions taken to shut down USAID on an accelerated basis, including its apparent decision to permanently close USAID headquarters without the approval of a duly appointed USAID Officer, likely violated the United States Constitution in multiple ways, and that these actions harmed not only Plaintiffs, but also the public interest, because they deprived the public's elected representatives in Congress of their constitutional authority to decide whether, when, and how to close down an agency created by Congress."
  40. ↑ Stein, Jeff; Arnsdorf, Isaac; Alemany, Jacqueline (January 31, 2025). "Senior U.S. official exits after rift with Musk allies over payment system". The Washington Post. ISSN   0190-8286. Archived from the original on 2025-02-09. Retrieved February 2, 2025. Musk has sought to exert sweeping control over the inner workings of the U.S. government, installing longtime surrogates at several agencies, including the OPM, and the General Services Administration (GSA), which manages real estate.
  41. ↑ Barrett, Brian (2025-04-18). "DOGE Is Just Getting Warmed Up". Wired. Retrieved 2025-04-21.
  42. ↑ Wamsley, Laurel (2025-03-11). "The government already knows a lot about you. DOGE is trying to access all of it". NPR. Retrieved 2025-03-16.
  43. ↑ Kelly, Makena; Elliott, Vittoria (2025-04-18). "DOGE Is Building a Master Database to Surveil and Track Immigrants". Wired. Retrieved 2025-04-20.
  44. ↑ Gardner, Timothy; Douglas, Leah; Layne, Nathan (15 February 2025). "Nearly 10,000 fired as Trump, Musk step up assault on US agencies". Reuters . Retrieved 15 February 2025.
  45. ↑ Garrison, Joey. "Elon Musk lowers DOGE's projected savings from $1 trillion to $150 billion". USA TODAY. Retrieved 2025-04-14.
  46. ↑ "DOGE: Department of Government Efficiency". DOGE: Department of Government Efficiency. Retrieved 2025-04-23.
  47. ↑ "DOGE says it has saved $160 billion. Those cuts have cost taxpayers $135 billion, one analysis says". 2025-04-25. Retrieved 2025-04-26.
  48. ↑ Tartar, Andre (February 19, 2025). "DOGE says it's saved $55 billion, itemized data show far less". Fortune .
  49. ↑ Fowler, Stephen (February 19, 2025). "DOGE released data about federal contract savings. It doesn't add up". NPR.
  50. ↑ Knickmeyer, Ellen; Amiri, Farnoush; Gomez Licon, Adriana (February 3, 2025). "Trump and Musk move to dismantle USAID, igniting battle with Democratic lawmakers". Associated Press News . Retrieved February 5, 2025.
  51. ↑ McCabe, Emily M. (January 6, 2025). U.S. Agency for International Development: An Overview (Report). Congressional Research Service . Retrieved February 11, 2025.
  52. ↑ Seddon, Sean (February 7, 2025). "What is USAID and why does Donald Trump want to end it?". BBC News. Retrieved March 17, 2025.
  53. ↑ Cowley, Stacy (2025-02-09). "36 Hours After Russell Vought Took Over Consumer Bureau, He Shut Its Operations". The New York Times. ISSN   0362-4331 . Retrieved 2025-02-12.
  54. ↑ Klein, Betsy (February 9, 2025). "Trump says he's instructed the Treasury to halt penny production". CNN . Retrieved February 9, 2025.
  55. ↑ Elliott, Vittoria (January 28, 2025). "Elon Musk Lackeys Have Taken Over the Office of Personnel Management". Wired . Archived from the original on January 30, 2025. Retrieved February 1, 2025.
  56. ↑ Kelly, Makena; Schiffer, Zoë (January 31, 2025). "Elon Musk's Friends Have Infiltrated Another Government Agency". Wired . Archived from the original on February 1, 2025. Retrieved February 1, 2025.
  57. ↑ Bogardus, Kevin (January 28, 2025). "Trump offers federal workers a chance to resign if they don't want to return to the office". Politico. Retrieved January 31, 2025.
  58. ↑ Duehren, Andrew; Haberman, Maggie; Schleifer, Theodore; Rappeport, Alan (February 1, 2025). "Elon Musk's Team Now Has Access to Treasury's Payments System" . The New York Times. ISSN   0362-4331 . Retrieved February 2, 2025.
  59. ↑ Peters, Adele (February 5, 2025). "What will it take to stop Elon Musk and DOGE?". Fast Company. Retrieved February 6, 2025.
  60. 1 2 Uebelacker, Erik (January 29, 2025). "White House rescinds controversial federal aid freeze memo". Courthouse News . Archived from the original on 2025-01-31. Retrieved January 30, 2025.
  61. ↑ Farrar, Molly (January 28, 2025). "Mass. is suing over federal funding freeze as Medicaid system appears to be down". boston.com. Retrieved January 30, 2025.
  62. ↑ "Which Federal Programs Are Under Scrutiny? The Budget Office Named 2,600 of Them". The New York Times. January 28, 2025. Archived from the original on January 30, 2025. Retrieved January 30, 2025.
  63. ↑ Tsui, Karina; Boyette, Chris (January 29, 2025). "A judge paused a freeze on federal funding, but many facets of American life are left in limbo. Here's what we know". CNN. Retrieved January 31, 2025.
  64. ↑ Natanson, Hannah (January 28, 2025). "Here's what we know — and don't know — about the Trump funding freeze". The Washington Post. Archived from the original on January 31, 2025. Retrieved January 31, 2025.
  65. ↑ Pettypiece, Shannon; Tsirkin, Julie; Haake, Garrett; Lovelace, Berkeley (January 29, 2025). "Trump's funding freeze creates widespread confusion". NBC News. Retrieved January 30, 2025.
  66. ↑ Rosen, Jacob; Quinn, Melissa (February 25, 2025). "Judge continues to block Trump administration's freeze on federal assistance". CBS News. Retrieved March 10, 2025.
  67. ↑ Moore, Elena (February 3, 2025). "Federal judge issues restraining order blocking federal spending freeze". NPR. Retrieved March 10, 2025.
  68. ↑ Robertson, Lori. "Trump Distorts the Facts in Attack on the Courts". FactCheck.org. Retrieved March 15, 2025.
  69. ↑ Atkins, Chloe; Gallagher, Fallon; Gregorian, Dareh (February 11, 2025). "Judge finds Trump administration violated court order halting funding freeze". NBC News. Retrieved February 11, 2025.
  70. ↑ Aspan, Maria (August 14, 2025). "Trump is tightening the screws on corporate America — and CEOs are staying mum". NPR. Retrieved August 24, 2025.
  71. ↑ Pequeño IV, Antonio (August 15, 2025). "White House Creates Loyalty Rating System For 553 U.S. Companies—Here's What Trump Has Said In The Past". Forbes. Retrieved August 25, 2025.
  72. 1 2 Morrow, Allison; Mattingly, Phil (August 20, 2025). "Corporate America is silent as Trump abandons free-market principles". CNN. Retrieved August 24, 2025.
  73. 1 2 Wile, Rob (August 22, 2025). "U.S. takes 10% stake in Intel as Trump flexes more power over big business". NBC News. Retrieved August 24, 2025. Trump continues to bulldoze through long-held norms regarding government and business, departing from the free-market ethos that has long prevailed in both major U.S. political parties.
  74. ↑ Sutton, Sam; Guida, Victoria (August 22, 2025). "Trump is turning the government into an investment firm". Politico. Retrieved August 24, 2025. From tariff carveouts to pro bono legal work from white-shoe law firms, Trump is exerting power over U.S. businesses in ways that go beyond even Sen. Bernie Sanders's (I-Vt.) aspirations. His ability to inject his agenda into private enterprises and dealmaking has shaken the guardrails that protect businesses from sudden political shifts and defied the free-market orthodoxy that was a hallmark of Republican economic policymaking.
  75. ↑ Johnson, Keith; Lu, Chritina (July 16, 2025). "Trump Embraces State Capitalism" . Foreign Policy. Retrieved August 24, 2025.
  76. ↑ Ip, Greg (August 11, 2025). "The U.S. Marches Toward State Capitalism With American Characteristics" . The Wall Street Journal. Retrieved August 24, 2025.
  77. ↑ Sonnenfeld, Jeffrey; Pepper, John (August 12, 2025). "Is MAGA going Marxist and Maoist? Trump's assault on free-market capitalism". Fortune. Retrieved August 25, 2025.
  78. 1 2 "Trump wants to command bosses like Xi does. He is failing" . The Economist. August 13, 2025. Retrieved August 24, 2025. Ignore for a moment Donald Trump's shakedown of Nvidia, in which he has allowed the world's most valuable firm to resume limited exports of its artificial-intelligence (AI) chips to China in return for giving a 15% cut of the proceeds to Uncle Sam.
  79. ↑ Morrow, Allison (August 13, 2025). "Trump is tightening his grip on the economy, taking a page from China". CNN. Retrieved August 24, 2025. Trump's realignment of American business also bears similarities to China's model of "state capitalism" — a mix between socialism and classic free-market capitalism in which the state is involved in, but doesn't directly own, private businesses.
  80. ↑ Northey, Hannah (August 18, 2025). "Trump's mineral megadeal is bypassing US laws". E&E News. Retrieved August 24, 2025. It's an unprecedented, though legally defensible, strategy that invites both risk and reward, said Joel Dodge, director of Industrial Policy & Economic Security at the Vanderbilt Policy Accelerator.
  81. ↑ Levy, Mark (June 25, 2025). "Trump gets 'golden share' power in US Steel buyout. US agencies will get it under future presidents". AP News. Retrieved August 24, 2025.
  82. ↑ Sonnenfeld, Jeffrey (May 29, 2024). "The Coming MAGA Assault on Capitalism". TIME. Retrieved August 24, 2025.
  83. ↑ Brownstein, Ronald (February 4, 2025). "Analysis: GOP's plans to enact Trump agenda may face a big vulnerability". CNN . Retrieved February 13, 2025.
  84. ↑ Munk, Cheryl Winokur (February 2, 2025). "To help pay for Trump tax cuts, new taxes on worker benefits become GOP target". CNBC . Retrieved February 13, 2025.
  85. ↑ Lawder, David (January 17, 2025). "CBO sees US 2025 deficit flat at $1.9 trillion before any Trump tax changes". Reuters .
  86. ↑ Dennis, Stephen T. (February 7, 2025). "Trump Tax Cuts' Cost Estimated at $5 Trillion to $11 Trillion". Bloomberg News.
  87. ↑ Morgan, David (February 14, 2025). "To extend Trump's 2017 tax cuts, Republicans seek to overlook the cost". Reuters .
  88. ↑ Hubbard, Kaia (February 5, 2025). "Senate Republicans to move forward on Trump agenda as House stalls on budget reconciliation plan". CBS News. Retrieved February 5, 2025.
  89. ↑ Grisales, Claudia (2025-02-25). "House Republicans pass budget resolution, clearing a key early test for Trump agenda". NPR. Retrieved 2025-02-26.
  90. ↑ Miller, Zeke; Hadero, Haleluya (2025-02-03). "Trump orders creation of US sovereign wealth fund, says it could own part of TikTok". AP News. Retrieved 2025-02-03.
  91. 1 2 Reddy, Sudeep (2025-04-10). "Reality Check: What Trump's Supposed Retreat Really Means in a Historic Trade War". POLITICO. Retrieved 2025-04-18.
  92. ↑ Swanson, Ana; Austen, Ian; Romero, Simon (March 4, 2025). "Trump's Tariffs on Canada, Mexico and China Snap Into Effect". The New York Times . ISSN   0362-4331 . Retrieved March 4, 2025.
  93. ↑ Caruso-Moro, Luca; Nersessian, Mary; Marfo, Darcas; Lee, Michael; Aiello, Rachel; Hahn, Phil; Chaya, Lynn; Buckley, Charlie; White, Ryan; Otis, Daniel (February 2, 2025). "Tariffs on Canada delayed for 30 days after talk between Trudeau and Trump". CTV News . Retrieved February 3, 2025.
  94. ↑ Yousif, Nadine; FitzGerald, James (March 4, 2025). "Canada hits back at US tariffs after warning of 'existential threat'". BBC News . Archived from the original on March 4, 2025. Retrieved March 4, 2025.
  95. ↑ Green, Emily; Ljunggren, David (April 2, 2025). "Canada, Mexico not subject to new global rates as fentanyl tariff still in place". Reuters . Archived from the original on April 2, 2025. Retrieved April 2, 2025.
  96. ↑ Swanson, Ana; Romero, Simon (February 1, 2025). "Trump's Tariffs Would Reverse Decades of Integration Between U.S. and Mexico". The New York Times . ISSN   0362-4331. Archived from the original on February 1, 2025. Retrieved February 2, 2025.
  97. ↑ Murray, Warren; Bekiempis, Victoria (February 2, 2025). "Canada and Mexico hit back after Trump signs order for punishing tariffs". The Guardian . ISSN   0261-3077 . Retrieved February 2, 2025.
  98. ↑ Lynch, David J. (February 1, 2025). "Trump signs order imposing tariffs on Canada, Mexico and China". The Washington Post . Archived from the original on February 2, 2025. Retrieved February 2, 2025.
  99. ↑ Kaye, Danielle (February 1, 2025). "Here's What to Know About Trump's Tariffs". The New York Times . ISSN   0362-4331. Archived from the original on February 3, 2025. Retrieved February 2, 2025.
  100. ↑ Mann, Brian (February 2, 2025). "Trump used fentanyl to justify tariffs, but the crisis was already easing". NPR . Archived from the original on February 9, 2025. Retrieved February 9, 2025.
  101. ↑ Collins, Michael (November 25, 2024). "Donald Trump vows to impose 25% tariff on all products from Canada and Mexico". USA Today . Archived from the original on November 26, 2024. Retrieved November 26, 2024.
  102. ↑ Towfighi, John (March 3, 2025). "Dow tumbles 650 points as Trump confirms tariffs on Mexico and Canada will start Tuesday". CNN . Retrieved March 3, 2025.
  103. ↑ Rennison, Joe; Kaye, Danielle (March 3, 2025). "Stocks Post Biggest Loss of the Year on Trump's Tariff Plans". The New York Times . ISSN   0362-4331 . Retrieved March 3, 2025.
  104. ↑ Sherman, Natalie (February 11, 2025). "Trump announces 25% tariffs on all steel and aluminium imports". BBC News . Archived from the original on February 23, 2025. Retrieved February 18, 2025.
  105. ↑ Swanson, Ana (February 10, 2025). "Trump Imposes 25% Tariffs on Steel and Aluminum From Foreign Countries". The New York Times . ISSN   0362-4331 . Retrieved February 11, 2025.
  106. ↑ Boak, Josh (2025-03-26). "Trump places 25% tariff on imported autos. Carmakers could face higher costs and lower sales". AP News . Retrieved 2025-04-07.
  107. ↑ Wingrove, Josh (April 3, 2025). "Trump's Reciprocal Tariff Formula Is All About Trade Deficits". Bloomberg News. Bloomberg L.P. Archived from the original on April 3, 2025. Retrieved April 3, 2025.
  108. ↑ Goldman, David (April 3, 2025). "This is the dubious way Trump calculated his 'reciprocal' tariffs". CNN. Retrieved April 4, 2025.
  109. ↑ "Trump takes America's trade policies back to the 19th century". The Economist . April 3, 2025. Archived from the original on April 6, 2025. Retrieved April 6, 2025.
  110. 1 2 "China slaps retaliatory tariffs of 84% on US goods in response to Trump". CNBC. Retrieved April 9, 2025.
  111. ↑ "Breaking: China to increase tariffs on US goods to 125 per cent". ABC News. April 11, 2025. Retrieved April 11, 2025.
  112. ↑ Garrett, Luke (April 13, 2025). "Trump mulls semiconductor levies after lifting reciprocal tariffs on electronics". NPR. Retrieved April 14, 2025.
  113. 1 2 Krauskopf, Lewis; Ahmed, Saqib Iqbal (2025-03-10). "US stock market loses $4 trillion in value as Trump plows ahead on tariffs". Reuters . Retrieved 2025-03-17.
  114. ↑ Birnbaum, Michael; Alfaro, Mariana; Torbati, Yeganeh (March 9, 2025). "Trump's Economic Policies Spark Concerns of Recession and Rising Inflation". The Washington Post . Archived from the original on March 9, 2025. Retrieved March 9, 2025.
  115. ↑ Rennison, Joe; Kaye, Danielle; Russell, Karl (2025-03-13). "Stocks Tumble Into Correction as Investors Sour on Trump". The New York Times . ISSN   0362-4331 . Retrieved 2025-03-17.
  116. ↑ Evans, Brian; Melloy, John; Singh, Pia (2025-04-02). "Dow nosedives 1,600 points, S&P 500 and Nasdaq drop the most since 2020 after Trump's tariff onslaught". CNBC . Retrieved 2025-04-04.
  117. ↑ Evans, Brian; Harring, Alex; Melloy, John (2025-04-03). "Dow drops 2,200 points Friday, S&P 500 loses 10% in 2 days as Trump's tariff rout deepens: Live updates". CNBC . Retrieved 2025-04-04.
  118. ↑ Ma, Jason. "Warren Buffett keeps taking investors to school as stock meltdown reveals the uncanny wisdom of his recent moves". Fortune. Retrieved 2025-04-06.
  119. ↑ Sherter, Alain (April 5, 2025). "Stock market rout deepens as Dow plunges more than 2,200 points and Nasdaq enters bear market". CBS News . Retrieved April 5, 2025.
  120. ↑ Towfighi, John (April 2, 2025). "Stock futures plunge as investors digest Trump's tariffs". CNN . Retrieved April 3, 2025.
  121. ↑ Conlon, Sean (April 3, 2025). "Small-cap benchmark Russell 2000 becomes first major U.S. stock measure to enter bear market". CNBC . Retrieved April 3, 2025.
  122. ↑ Condon, Bernard; Choe, Stan (April 11, 2025). "Freak sell-off of 'safe haven' US bonds raises fear that confidence in America is fading" . The Associated Press. Retrieved April 13, 2025.
  123. ↑ Sigalos, MacKenzie (2024-11-06). "Here's what Trump promised the crypto industry ahead of the election". CNBC.
  124. ↑ Khalili, Joel. "Chokepoint 2.0: An Investigation Promises the Truth About Crypto's Biggest Conspiracy". Wired.com . ISSN   1059-1028.
  125. ↑ "Trump calls for US to be 'crypto capital of the planet' in appeal to Nashville bitcoin conference". AP News. 2024-07-27.
  126. ↑ Banerjee, Ankur; Indyk, Samuel (November 11, 2024). "Bitcoin jumps to record as Trump's election turbocharges cryptocurrencies". Reuters .
  127. ↑ Anderson, Zac (March 7, 2025). "White House summit showcases Trump's favorable treatment of crypto industry". USA TODAY.
  128. ↑ Yaffe-Bellany, David (2025-02-28). "Under Trump, U.S. Increasingly Pulls Back From Crypto Crackdown". The New York Times . ISSN   0362-4331. Archived from the original on 28 February 2025.
  129. ↑ Lang, Hannah. "US securities regulator files to dismiss lawsuit against Coinbase". USA TODAY.
  130. ↑ "SEC and Binance request 60-day pause in lawsuit as the agency shifts to be more crypto-friendly". Fast Company. Associated Press. 2025-02-12. Archived from the original on 2025-02-15. Retrieved 2025-04-29.
  131. ↑ Stempel, Jonathan (February 26, 2025). "US SEC, Tron founder Justin Sun explore resolution of civil fraud case". Reuters . Archived from the original on 2025-03-03. Retrieved 2025-04-29.
  132. ↑ "A crypto mogul who invested millions into Trump coins is getting a reprieve on civil fraud charges | CNN Business". CNN . Archived from the original on 4 March 2025.
  133. ↑ Goldstein, Matthew (2025-02-28). "S.E.C. Declares Memecoins Are Not Subject to Oversight". The New York Times. ISSN   0362-4331.
  134. ↑ Goodman, Jasper (January 18, 2025). "Trump launches crypto meme coin, ballooning net worth ahead of inauguration". Politico. Retrieved January 18, 2025.
  135. 1 2 Lipton, Eric; Yaffe-Bellany, David (January 19, 2025). "Trump's Cryptocurrency Surges to Become One of the World's Most Valuable" . The New York Times. ISSN   0362-4331 . Retrieved January 19, 2025.
  136. ↑ Weissert, Will (January 22, 2025). "Trump has canceled Biden's ethics rules. Critics call it the opposite of 'drain the swamp'" . The Associated Press. Archived from the original on January 23, 2025. Retrieved January 23, 2025.
  137. ↑ Salmon, Felix (2025-01-19). "Donald Trump is the newest crypto billionaire". Axios.
  138. ↑ "Trump signs order to establish strategic bitcoin reserve". Reuters. Archived from the original on 2025-04-04. Retrieved 2025-04-29.
  139. ↑ "Trump announces US crypto reserve: What it is, and why it matters". Al Jazeera . 2025-03-04. Retrieved 2025-03-12.
  140. ↑ Mott, Filip De (2025-03-02). "A key part of the bitcoin bull case has lost steam. What to know about efforts to start a bitcoin reserve". Business Insider . Retrieved 2025-03-04.
  141. ↑ Ishmael, Stacy-Marie; Shen, Muyao (2025-03-02). "Trump Sparks Crypto Rally by Saying More Coins to Be in Reserve". Bloomberg News . Retrieved 2025-03-04.
  142. ↑ Hunnicutt, Trevor (2025-03-03). "Trump names cryptocurrencies in strategic reserve, sending prices up". Reuters . Retrieved 2025-03-03.
  143. ↑ Durkee, Alison (2025-03-02). "Trump Announces 'Crypto Strategic Reserve'—Here's What To Know". Forbes . Retrieved 2025-03-02.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.