In 2024, Donald Trump successfully won re-election as President of the United States, and his governance policies underwent significant changes compared to his previous term. In the areas of economy, cryptocurrency, foreign affairs, immigration, energy, and technology, the Trump administration adopted more aggressive measures aimed at enhancing America's global competitiveness. This article will compare the main policies of Trump's two terms and analyze their impact on the United States and the world.
I. Economic and Trade Policy: From Protectionism to Sovereign Wealth Fund
First Term (2017-2021): Trade War and Tariff Policy
During his first term from 2017 to 2021, Trump implemented the "America First" economic policy, focusing on:
Trade War with China: Increased tariffs on Chinese goods in an attempt to reduce the trade deficit while encouraging manufacturing to return to the U.S.
Withdrawal from Multilateral Trade Agreements: Withdrew from the Trans-Pacific Partnership (TPP), renegotiated the North American Free Trade Agreement (NAFTA), and introduced the United States-Mexico-Canada Agreement (USMCA).
Corporate Tax Cuts: Signed the Tax Cuts and Jobs Act in 2017, reducing the corporate tax rate from 35% to 21% to stimulate economic growth.
Second Term (2025-): Establishing a Sovereign Wealth Fund
Compared to the tariff wars and tax cuts of the first term, Trump's economic policy starting in 2025 leans more towards utilizing government assets to create wealth, with key measures including:
Establishment of a U.S. Sovereign Wealth Fund: Trump signed an executive order directing the Treasury and Commerce Departments to create a U.S. version of a sovereign wealth fund, investing in infrastructure, medical research, and other areas, drawing on successful experiences from other countries.
Continued Push for De-Globalization: May re-examine supply chain policies with China, increase support for domestic manufacturing, and use government funds to invest in key industries.
Tax Cuts and Fiscal Stimulus: Continuation of corporate tax incentives from the first term and potential introduction of new economic stimulus measures.
II. Cryptocurrency Policy: From Cautious Regulation to Full Support
First Term (2017-2021): Strict Regulation
Strengthening KYC/AML Compliance Requirements: The Treasury Department required exchanges to comply with stricter anti-money laundering (AML) and know your customer (KYC) regulations.
SEC Regulation of ICOs: Cracked down on unregistered ICO projects to protect investors.
Trump's Personal Opposition to Cryptocurrency: He criticized Bitcoin on social media, viewing its value as unstable and potentially fostering illegal activities.
Second Term (2025-): Promoting Cryptocurrency Development
Executive Order Supporting Digital Assets: Trump signed an order requiring the U.S. to become a global cryptocurrency hub.
Establishment of a Presidential Digital Asset Task Force: To study the feasibility of incorporating Bitcoin into the national reserves.
Personal Issuance of Cryptocurrency: Trump launched personal crypto assets, sparking market enthusiasm.
Attracting Cryptocurrency Companies: Offered tax incentives to attract global blockchain companies to develop in the U.S.
III. Immigration Policy: Tightening Border Control
First Term (2017-2021): Building the Wall and Tightening Visas
U.S.-Mexico Border Wall: Invested heavily in building the U.S.-Mexico border wall to reduce illegal immigration.
Tightening H-1B Visas: Raised the threshold for skilled immigration, prioritizing the hiring of U.S. citizens.
"Zero Tolerance" Policy: Implemented stricter deportation measures for illegal entrants.
Second Term (2025-): Further Strengthening Immigration Control
Accelerating Deportation of Illegal Immigrants: Expanded immigration enforcement efforts and implemented stricter deportation policies.
Restricting Asylum Policies: Lowered the approval rate for asylum applications to reduce the influx of illegal immigrants.
Promoting a "Merit-Based Immigration" System: Favoring the acceptance of high-skilled talent over low-skilled labor.
IV. Foreign Policy: From "America First" to "Tough Diplomacy"
First Term (2017-2021): Unilateralism and Tough Diplomacy
Withdrawal from International Organizations: Withdrew from the Paris Climate Agreement, World Health Organization (WHO), and others.
Pressuring NATO Allies: Demanded that European allies increase military spending.
Maximum Pressure on Iran: Withdrew from the Iran nuclear deal and re-imposed sanctions on Iran.
Second Term (2025-): Strengthening Military and Economic Competition
Further Reductions in Foreign Aid: Decreased economic assistance to developing countries.
Continuing Pressure on China: May intensify technology restrictions and limit Chinese companies' access to the U.S. market.
Strengthening Trade and Military Cooperation with India and Europe: Seeking new allies to counter China's global influence.
V. Energy Policy: Strengthening Fossil Fuels and De-Greening
First Term (2017-2021): Supporting Traditional Energy
Withdrawal from the Paris Climate Agreement: Reduced investments in clean energy and relaxed environmental regulations on the fossil fuel industry.
Promoting Oil and Gas Production: Encouraged shale oil and gas extraction, making the U.S. one of the largest energy exporters globally.
Second Term (2025-): Further Promoting Traditional Energy
Reducing Environmental Regulations: Lessening restrictions on the fossil fuel industry to stimulate economic growth.
Expanding Domestic Energy Production: Encouraging the production and export of coal, oil, and natural gas.
Potentially Withdrawing from or Modifying More Environmental Agreements: Reducing government financial support for the renewable energy sector.
VI. Technology and Artificial Intelligence Policy: Strengthening Technological Dominance
First Term (2017-2021): Emphasizing National Security
Restricting Chinese Technology Companies: Banned Huawei, TikTok, and others to prevent foreign companies from entering critical U.S. technology sectors.
Increased Defense Technology Investment: Strengthened military applications of cutting-edge technologies like AI and quantum computing.
Second Term (2025-): Promoting AI and Semiconductor Development
Strengthening Investment in AI and Chip Manufacturing: May utilize the sovereign wealth fund to support domestic AI and semiconductor companies, reducing reliance on Asian supply chains.
Continuing Restrictions on Chinese Technology Companies: Further tightening export controls on Chinese high-tech firms.
Promoting 5G/6G Technology Development: Supporting U.S. companies' global competitiveness in communication technologies.
Conclusion: A Comprehensive Shift in Trump's Second Term Policies
After successfully winning re-election in 2024, Trump made significant adjustments to his policy direction compared to his first term. He no longer solely relied on tariff wars and tax cuts but instead aimed to strengthen national economic competitiveness through the establishment of a sovereign wealth fund. Additionally, he adopted more aggressive strategies in cryptocurrency, immigration, foreign affairs, energy, and technology, emphasizing America's global leadership.
In the future, the implementation of these policies will have profound impacts on the global economy, technology, and geopolitical landscape. Whether the U.S. can truly achieve "America First 2.0" will still depend on the global market's response and the Trump administration's execution capabilities.
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