Former U.S. president Donald Trump is set to return to the White House after a victory in yesterday’s presidential election, and will chart a very different course from incumbent Joe Biden.
"America has given us an unprecedented and powerful mandate,” Trump said in his victory speech, alongside his running mate, Ohio Senator JD Vance.
What could Trump’s economic policies include?
Trump has said he will impose massive tariffs. He has suggested tariffs of at least 10-20% on all U.S. trading partners, as well as 60% tariffs on China at minimum.
“To me, the most beautiful word in the dictionary is tariff,” he said last month.
Trump imposed major tariffs during his first term, including on construction goods, clothing, and appliances. The tariffs on steel and aluminium caused a decline in American manufacturing employment, according to the Federal Reserve Board.
The campaign recommended reducing the corporate tax rate from 21% to 15%, and eliminating taxes on tips, overtime hours, and Social Security benefits. These economic policies will need approval from the Senate and House of Representatives.
During his first term, Trump repeatedly urged the Federal Reserve to cut interest rates. Federal Reserve Chair Jerome Powell’s term will end in 2026, meaning Trump will appoint his successor.
What are his immigration and social policy plans?
Trump and Vance have vowed mass deportation of undocumented immigrants. While the campaign did not release detailed plans, Vance has estimated around one million people each year could be deported.
“We're gonna have to seal up those borders,” Trump said in his victory speech. “They have to come in legally."
Project 2025, a policy guide spearheaded by former Trump administration officials, recommends that Trump drastically cut or abolish federal agencies, deploy the military to the border with Mexico, and ban abortion medications. Trump has said "I know nothing about Project 2025. I have no idea who is behind it.”
Trump has made conflicting statements on whether his administration would consider a national abortion ban. Vance has advocated for a national ban, however.
Trump said this month that former independent candidate Robert F. Kennedy Jr. would have a major role in his health policy. Kennedy is an anti-vaccine activist, and has recommended Trump ban water fluoridation.
What does Trump’s election mean for foreign policy?
Trump may end American support for Ukraine. He had a close relationship with Russian President Vladimir Putin in his previous term, and Vance has recommended that Russia keep the land they have taken from Ukraine.
Trump is also likely to withdraw significant support for NATO. In February, he said that, if a NATO nation he believed was not paying enough into NATO was attacked by Russia: “No, I would not protect you. In fact, I would encourage [Russia] to do whatever the hell they want.”
The president-elect is a staunch ally of Israeli Prime Minister Benjamin Netanyahu. While Trump has said “Israel is absolutely losing the PR war” in Gaza, he added: “They’ve got to finish what they started, and they’ve got to finish it fast, and we have to get on with life.”
Australian Prime Minister Anthony Albanese spoke to Trump via phone today. “We talked about the importance of the alliance, and the strength of the Australia-US relationship in security, AUKUS, trade and investment,” Albanese said.