The world’s eyes are on the US presidential elections… According to unofficial results, Donald Trump has reached the necessary number of delegates to become president. Price adjustments related to Trump’s possible victory accelerated in the global markets. Trump attracted attention with his economy promises that put the US in the spotlight during the campaign. His statements on tax, interest, foreign trade, and cryptocurrency stood out.
Republican presidential candidate Donald Trump highlighted tax, inflation, interest, trade, and energy among his promises. Former US President and Republican presidential candidate Trump aims to implement new tariffs, reduce taxes, and increase fossil fuel production.
Trump argues that fair trade, tax cuts, reduced regulations, and abundant energy, combined, will lead to more goods being produced better and cheaper in the US.
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Trump, who stands out with his tax reduction plan, promised to eliminate taxes on tips for service sector workers. He calls for the permanent extension of the provisions of the 2017 Tax Cuts and Jobs Act that will expire next year, as well as the implementation of additional tax cuts.
According to the current law, individuals receiving social security assistance are required to pay taxes on 50-85% of their benefits, and low-income retirees pay taxes on a lower share compared to high-income retirees.
Trump aims to eliminate taxes on Social Security benefits for all individuals. Additionally, if re-elected, Trump plans to reduce the federal corporate tax rate from 21% to 15%.
Promising to allow interest on vehicle loans to be deducted from taxes, Trump believes this will incentivize domestic car production.
Trump promises tax cuts to American citizens residing abroad to end double taxation.
Drawing attention with his denial of the climate crisis, Trump states that the Biden administration will cancel the unspent funds under the “Reducing Inflation Act,” considered the biggest step taken for climate so far.
Trump’s support for the fossil fuel industry like oil, gas, and coal stands out, while he criticizes clean energy policies.
Trump plans to withdraw the US from the Paris Climate Agreement.
Trump believes that the US president should have a say in the Federal Reserve’s monetary policy decisions.
Having nominated Jerome Powell as the Fed Chairman in November 2017, Trump criticizes Powell for his monetary policy decisions.
Trump believes there are ways to reduce inflation without increasing interest rates and generally advocates lowering interest rates.
It is expected that Trump will allow Powell to complete his presidency until 2026.
Known for his America First approach, Trump continues to adopt a protectionist stance in trade to support US interests.
In 2018, Trump imposed tariffs on products imported from China, additional customs duties on steel and aluminum imported from other countries, including US allies.
If re-elected, Trump signals that he will impose additional tariffs.
In the event of a second term, Trump plans to impose tariffs of 60% on goods from China and 10-20% on goods imported from other countries.
If Donald Trump returns to the White House, there is a risk of increasing trade tensions with the European Union (EU) in addition to China.
Trump aims to make the US the planet’s crypto capital and the world’s Bitcoin superpower.
Trump stated that the US government will hold all Bitcoin it owns or acquires, forming the core of the strategic national Bitcoin stock.
Claiming that the US Securities and Exchange Commission (SEC) “destroyed Bitcoin,” Trump says he will fire Gary Gensler on his first day in office.