These will likely be Trump’s first economic policies

Trump said that he is willing to ‘negotiate fair bilateral trade deals that bring jobs and industry back’ instead. (Reuters)

US President-Elect Donald Trump may have already started his economic battle when he announced that on his first day in office the he will be taking a decision to withdraw from the Trans-Pacific Partnership (TPP).

Trump’s announcement on Monday brought back the spotlight economic promises he pledged while campaigning for office, which sparked panic in capital markets. The subsequent reactions were soon reassured by his calm statement immediately after election night.

Trump, who officially takes office on January 20, said in a brief clip posted on YouTube by Trump’s transition team that the TPP deal is “a potential disaster for our country”.

According to the AFP news agency, he said that he is willing to “negotiate fair bilateral trade deals that bring jobs and industry back” instead.

As for immigration, Trump said that he will direct “the Labor Department to investigate abuses of visa programs for immigrant workers.”

Trump also added that he would cancel some restrictions on producing energy in the US on his first day in office, particularly shale oil and clean coal, which he said would create many millions of high-paying jobs.
Regarding national security, Trump has vowed to ask his team to support against infrastructure cyber-attacks and others.

Trump stressed that he would impose a five year-ban on his White House and Congressional officials becoming lobbyists after they leave his administration. These policies are aimed at reforming Washington and rebuilding the American middle class, making the USA a better world, Trump said.

While he laid out a lot of economic policies that he would enact, Trump did not tackle the issue of taxes.

He believes that there is a need to reduce taxes and adjust business regulations and foreign competition for American companies.

Many attempts to cut taxes have taken place over the past 35 years; increasing tariffs on Chinese or Mexican imports would have many negative effects, because suppliers will opt for other sources.

*This article also appears on AlArabiya.net's business section.

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Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49
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