When President-elect Donald Trump returns to the White House in 2025, he will assume a key position within the U.S. economy.
On the campaign trail, the former President promised to eliminate regulations that hold back key U.S. industries and extend tax cuts that expire after 2025. He also proposed raising tariffs that affect prices of foreign goods imported to the U.S.
“Other countries are going to finally, after 75 years, pay us back for all that we’ve done for the world,” the former President said at the September presidential debate.
The goal of the tariffs is to generate revenue and bring industrial jobs back to the country. The side effect could be higher retail prices for many U.S. consumers.
“Ironically, this would not promote a revitalization of the industrial sector,” said Marcus Noland, executive vice president and director of studies at the Peterson Institute for International Economics.
The President-elect has also promised to embark on a large deportation operation when he enters office.
Analysts believe Trump’s fiscal ideas could influence the trajectory of employment, inflation, and more in the U.S. — particularly if the Republican party wins both chambers of Congress.
Watch the video above to see how the U.S. economy may change under President-elect Trump.