The Trump tax reform was passed in 2017, marking the largest tax reform in the United States since the Reagan era. It reduced individual and corporate income taxes, simplified the tax system, and shifted from worldwide taxation to territorial taxation, encouraging the repatriation of overseas profits. In the short term, it stimulated the U.S. economy and attracted capital, but in the long term, it may increase deficits and trigger a global tax cut chain reaction, impacting the international tax order.