1. Cuts to public spending
The budget proposes a reduction of $163 billion in federal spending, equivalent to 22.6% of non-defense discretionary spending. Social programs, such as those for health, housing, renewable energy, and international cooperation, would face significant cuts. In contrast, funding for defense, border security, and veterans' care would increase.
2. Tax reduction
Trump proposes to extend and expand the tax cuts implemented in 2017, including reducing the corporate tax rate from 21% to 15%. Additionally, he plans to eliminate taxes on tips, overtime, and Social Security benefits, aiming to alleviate the tax burden on workers and businesses.
3. Increase in import tariffs
The plan includes the imposition of universal tariffs of 10% to 20% on all imports, with higher tariffs for Chinese products and cars manufactured outside the U.S. This measure aims to protect domestic industry but may result in price increases for consumers.
4. Reduction of regulatory burden
There is an intention to deregulate sectors such as technology and finance, with the aim of stimulating economic growth. The elimination of Diversity, Equity, and Inclusion (DEI) programs and environmental policies is also proposed.
5. Impact on the budget deficit
Studies indicate that Trump's proposals could increase the U.S. budget deficit by up to $7.5 trillion over the next decade, due to a combination of tax cuts and increased spending on defense and security. The plan still needs to be approved by Congress, where it faces opposition resistance. If implemented, it could have significant impacts on the U.S. economy and international trade relations.