The five pillars of Trade Policy Agenda are: Supporting the United States’ national security by ensuring economic security, Strengthening the United States economy so it benefits all Americans, Negotiating trade deals that result in prosperity for more Americans, Enforcing and defending trade laws so bad actors no longer take advantage of the United States, and Reforming the World Trade Organization (WTO) to promote rules for efficient markets, expanded trade, and greater wealth for all nations.
In December 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA) – the most significant tax cut and reform law in more than 30 years. This tax reform will strengthen the US economy and help make US companies and workers more competitive in global markets, says a fact sheet issued by the Office of the USTR.
The centrepiece of the business tax reforms in the TCJA is a reduction in the top statutory corporate tax rate from 35 per cent to 21 per cent, aligning the United States with its major trading partners and allowing its businesses and workers to compete on a level playing field. “By switching from a worldwide tax system to a territorial tax system, the TCJA further levels the playing field for American businesses and allows them to repatriate earnings back to the United States without incurring high tax penalties,” the fact sheet said.
Under negotiating better trade deals, the Administration’s primary goals are to update North American Free Trade Agreement (NAFTA) with modern provisions representing a 21st-century, high-standard agreement and to rebalance NAFTA for fair, reciprocal trade. The Administration’s proposals include correcting policies that have encouraged outsourcing and ensuring strong, enforceable provisions on labour and the environment that will help level the playing field for American workers.
However, in the words of President Trump, “America first does not mean America alone. When the United States grows, so does the world.” (RKS)
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