US economic legislature you should know about

economy

With the introduction of Donald Trump to the presidency of the United States of America, it’s important to be aware of the current economic legislation that’s flying around… and how it might be affecting you.

Let’s recap the new economic policies of the U.S.A.:

New Policies

President Donald Trump has enacted a slew of changes. For starters, he has taken a protectionist approach to the economy, proposing tariffs on both Mexico and China, and has levying a tariff on Canada’s lumber industry. Trump is allowing more drilling for oil on national lands and has withdrawn the USA from the TPP.

Trump has also withdrawn from the Paris Climate Agreement, on the terms that the USA is “receiving a bad deal.” This means the U.S. will no longer have to pay $3 billion to poorer countries as part of the Agreement. U.S. companies will no longer receive government subsidies for promoting clean energy industry.

However, other countries say the deal is “non-negotiable.” Trump is also cutting climate change regulations and instead revitalizing the coal industry, including cutting a law that prevents the dumping of slag into rivers by companies.

Furthermore, Trump has reallocated the budget of the U.S., placing more emphasis on National Defense and Homeland Security while cutting funding for the EPA and the U.S. Department of State:

bi graphics_winners and losers in trump_s first budget_1024
Courtesy of Business Insider

Finally, Trump has rolled back multiple regulations, including the:

  • Waters of the USA Act
  • Fair Pay and Safe Workplaces Act
  • Planning 2.0 Act
  • Every Student Succeeds Act
  • Dodd-Frank Wall Street Reform and Consumer Protection Act
  • Climate Action Plan Act
  • Etc.

What this means for you: More expensive lumber, or lumber of a lower quality, less trade with Canada, cheaper oil, easier time to start a business/fewer regulations for business, cheaper products that needed to follow Paris Agreement regulations, such as cars; less/more funding towards your field, and an increased rate of climate change/increased pollution.

For all the laws and executive orders Trump has enacted in his first 100 days, click here.

For Trump’s economic plan, click here.

For Trump’s Two-for-One law, here.

For some regulations Trump has cut, click here.

Conclusion

I hope you now know a bit more about Trump’s economic policies. I recommend you to read further into Trump’s legislation, and decide for yourself whether you like it or not. If you do, congrats! If not… go out and protest!

What do you think about the U.S. economy plan? Tell me in the comments.

Thanks for reading and have a nice day.

3 thoughts on “US economic legislature you should know about

  1. What is TPP?
    When you say “rolling back regulations” do you mean cancelling them all together or just modifying them?
    Can you comment more on Waters of USA Act?
    Thanks for the post! I actually wanted to see some more of your weekly events blogs! The first was quite successful, I miss this type of coverage.

    Liked by 1 person

    1. 1. TPP = Trans-Pacific Partnership, a deal that tried to strengthen economic ties between 20 Pacific countries. 2. When I say “rolling back,” I mean that the regulations were cancelled altogether. 3. The Waters of the USA Act increases the jurisdiction of the EPA and United States Army Corps of Engineers over bodies of water in the USA. It was designed to keep water clean, but has caused a lot of controversy over how much power it gives to the EPA and the USACE. Thanks for reading my post; I’m glad you enjoyed the article! I am happy to hear you liked my weekly events article as well. I will post a weekly events blog for July 2nd to July 9th, as well as from July 9th to July 16th soon.

      Like

      1. I asked a quick question to the boss of our Environmental and Permitting Department, and her opinion is that the repeal of the Waters of the U.S. Rule will get held up in court.

        Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s