The Shift in Economic Course: from J. Biden to D. Trump 2.0

The article aims to show how the transition from Biden’s to Trump’s economic policy takes place. The author examined the economic situation in the USA at the end of J. Biden’s presidential term and analyzes what was the government’s policy contribution into final economic outcomes. It is evident that the newly elected President, Mr. D. Trump, inherited an economy in pretty good shape – inflation went down, unemployment remains low, economic growth is higher than in other well-developed countries. Nevertheless, it is clear that the D. Trump administration will develop quite a different economic policy based on neoliberal economic principles. Three major directions of economic reforms were proclaimed by the republican President: low taxes, including further tax reductions and an extension of the 2017 tax reform; the introduction of universal imports tariffs and an overall increase in tariffs, especially on Chinese imports; and restrictions on immigration flows. The author makes a conclusion that the outcomes of the proclaimed policy may be highly controversial. On one hand, it provides obvious incentives for the economic growth; on the other, it poses serious threats to consumer demand, inflation, and the economy in general.

U.S. Economy, President J. Biden’s economic policy, President D. Trump’s economic policy, economic situation in the USA, new administration’s economic reforms, GDP, inflation, unemployment, foreign trade tariffs, immigration.