"Since President Trump became president, he promises that the economy will grow thanks to his new policies and political changes. He needs business to grow under the American people He wants nothing to do with immigrants helping this country. His economic policies, which he says could help economic growth, could end up hurting him in the short term, but in the long run could end up hurting the economy of some. Trump's economic policies are trade protectionism, immigration, individual and corporate tax reform, the Consumer Protection Act and the reduction of regulations on environmental laws to help businesses hurting the economy and why, President Trump wants to enforce these policies. Say no to plagiarism Get a custom essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Since Trump became president, he has made many policy changes and added new ones. One of which it has changed is trade protectionism. This policy protects domestic industries and imposes limits on unfair competition from foreign industries. Uses tariffs, subsidies, and import quotas to impose restrictions on the imports of foreign competitors. President Trump “imposed 25% tariffs on $50 billion worth of Chinese goods” (bbc.com). China responded by announcing that it would also impose tariffs on $35 billion worth of US goods. In doing so, both of these countries have now created a trade war. A trade war occurs when two countries hit each other's trade with taxes and quotas and raise tariffs. Trump has shown that he is not afraid of starting a trade war, according to one of his tweets. “When a country (the United States) loses many billions of dollars in trade with virtually every country it does business with, trade wars are good and easy to win. For example, when we are down 100 billion dollars with a certain country and they get nice, they don't trade anymore - we win big, that's easy! He received a lot of backlash on this tweet, as most things he tweets typically get backlash from his followers. When there is a tax on products made abroad, people are not likely to buy them. They prefer to buy local products; hence, it would boost the country's economy. According to Dictionary.com, a trade deficit is a “condition that exists when the value of a country's imports exceeds the value of what it exports; also called unfavorable trade balance”. Last year the trade deficit with China amounted to $375 billion. The president wants to reduce the trade deficit using tariffs. Trump has set a 25% reduction on steel imports and 10% on aluminum imports. This way companies will buy local steel instead because local steel would be cheaper. Trump going after China may not be good for consumers. If this trade war continues, prices will rise because companies will have to compensate. This won't be the only thing Trump is doing that is receiving backlash, his immigration policies are another policy people are unhappy about. It seems that immigration has been the backbone of the United States. Since the 1960s, immigrants have been coming here to live a better life. They have more opportunities here. As for Trump, he is trying to reduce the number of immigrants coming to the United States. “Even more thanFirst, immigration is closely tied to discussions about the U.S. economy and global competitiveness, national security, and the country's role in humanitarian protection at a time of record global displacement.” So, how is the American economy tied to immigration? Well, wages are not affected by immigration in the long term, and the economic effects of immigration are also mostly positive for natives and the economy in general, based on economic research. There have been many immigration policy changes since Trump became president. One major policy that had a lot of effect on people was the ban on citizens of eight countries from entering the United States. Most of them represent Muslim countries. According to Balance.com, “On October 17 and 18, 2017, federal courts suspended parts of President Trump's travel bans. The judges said the bans targeting Muslim-majority countries were unconstitutional. They interpreted Trump's own words to infer that his bans on Chad, Iran, Libya, Somalia, Syria and Yemen were based on religion. “Since the resettlement program was created in 1980, refugee admission has been reduced to the lowest level. Trump also canceled the Deferred Action for Child Arrivals (DACA) program. Deporting 750,000 people protected by DACA would cost $60 billion and contribute $28 billion per year to the U.S. economy. Temporary protected status designations have ended for citizens of Haiti, Nicaragua, and Sudan. According to Balance.com, “the Center for American Progress estimated that mass deportation would reduce U.S. gross domestic product by 1.4%.” The United States spends $11.4 billion and $20.2 billion on immigrants who add $1.6 trillion to the economy each year. Most of the US population does not agree with these policies. Although when he began campaigning for president, reducing immigration was the focus of the argument. People knew what his intentions were, yet he still got elected even though the majority didn't agree with him. An issue mentioned several times in his campaign was the construction of a wall on the border between Mexico and the United States. Furthermore, he wanted Mexico to pay. The budget plan for building the wall would cost $25 billion. If Mexico refused to pay for the wall, Trump would change a “rule under the U.S. Patriot Act anti-terrorism law.” This rule would be established so that money sent from Western Union to Mexico would be taken away. President Trump wants to make many changes to immigration policies. He says it's good to grow the economy, but there's no evidence that's the case. Another thing he wants to do that he says will help grow the economy is individual and corporate tax reform. President Trump signed the “Tax Cuts and Jobs Act” into law on December 22, 2017. What this bill means is that the corporate tax rate, which was at 35%, will drop to 21%. It will also reduce taxes for small business owners and most Americans. So, what will this tax change and what will stay the same? The rich will receive a new tax cut. In 2017, for married couples earning more than $470,700, the highest rate was 39.9%. With this law the percentage would drop to 37%. For this reason the threshold would rise. The maximum rate would now be $500,000 for individuals and $600,000 for married couples. This goes against what President Trump proposed. He said that this tax lawit would not support the rich. “The rich are not going to get tax cuts under our plan,” Gary Cohn, Trump's top economic adviser, said on Good Morning America. Second, the plan would cut taxes for middle-class Americans. “Our framework includes our explicit commitment that tax reform protects low- and middle-income families, not wealthy, well-connected families,” President Trump said in a speech in Indiana. Not only will the rich benefit from tax cuts, but also multinationals. The tax rate for large businesses “would fall from 35% to just 21%.” This would be a massive one-time rate cut for the largest domestic companies in the United States. Over the next decade, tax cuts would reach $1 trillion. “Republicans say this will send the economy surging over the next few years, but most independent economists and Wall Street banks expect only a modest, short-lived boost to growth.” There is therefore some disagreement about how tax cuts for larger companies might affect the economy. Republicans believe this would cause the economy to “surge.” In other words, it would have a major impact on the growth of the economy. On the other hand, MuroStreet does not agree with this. They think it would be a “short-lived boost.” That means the economy would grow because of it, but it wouldn't be that big of a boost. This tax cut would also allow Americans to deduct $10,000 in state, local and property taxes. Before the tax cuts, the state and local tax deduction was unlimited. In the final plan they decided that people, including married couples, can only deduct up to $10,000. A lot of controversy broke out because of that decision. It was supposed to be limited to property taxes only, but in the final bill it allows “the deduction of any state and local taxes.” According to Washingtonpost.com, “There are concerns it could cause a decline in property values ​​in high-tax cities and leave less money for public schools and road repairs.” This policy appears to do more harm than good. Through 2026, Americans would pay less in taxes. While this plan would reduce tax rates for each income, it will also double the standard deduction. This would lead Americans to see their taxes decrease within the next year. The amount would depend on each family's size, location and circumstances, so there is no exact number for how much their taxes would decrease. For Americans who won't have to pay anything in taxes, taxes will increase from 44% to 47.5%. In 2025, individual tax cuts would disappear. Republicans want to keep tax cuts permanent for businesses, and they wouldn't be permanent for families. There will also be a larger tax credit for children. Low-income families and working-class families had a $1,000 child tax credit. In the final bill, the amount would be increased to $2,000 per child. Families who work but don't earn enough to pay federal taxes will receive more money back. For these families they used to receive $1,100, but now it will be 1,400. So, the main focus is on how the rich will get a new tax cut, how there will be a bigger tax cut for corporations, whether $10,000 can be deducted at the state level, local and property taxes, Americans will pay less taxes and working-class families will get a bigger tax credit for their children. These policies are the main ones that change with personal and corporate tax reform. But there are some policies that won't change. That is”.