The Trump tax reform, passed in 2017, is the largest tax reform in the United States since the Reagan era. It lowers individual and corporate income taxes, simplifies the tax system, shifts from global taxation to territorial taxation, and attracts the repatriation of overseas profits. In the short term, it stimulates the U.S. economy and attracts capital, but in the long term, it may increase the deficit and trigger a global tax reduction chain reaction, impacting the international tax order.