The sweeping and comprehensive bill, coined as the ‘One Big Beautiful Bill’, has been established into law. Achieving this feat approximately half a year into his new presidential term, President Donald Trump has delivered on a multitude of pre-election commitments. He has initiated tariff wars, reduced taxes, taken stern action on border incursions, and caused discord among enduring global partners, all the while reducing the size of the federal government. In Congress, he advanced a significant and pricey legislation that reflects almost all of his domestic policy promises. The future of his presidency, plus the upcoming midterm elections, could be profoundly influenced by his gamble that the GOP bill, coupled with other Trump-led policies, will trigger a thriving economy.
If this audacious gamble yields success, it will champion one of Trump’s most potent issues. But Democrats perceive an opportunity to criticize the president for prioritizing the affluent segment of the society, thereby ignoring the less fortunate. Moving forward, the strategy is to safeguard what the party has recently passed, and shift focus onto crucial trade agreements and contentious immigration issues. The president, along with his advisory squad, has devised meticulous blueprints for the ensuing future, proven by their liberal use of executive orders.
In the short span of the last three weeks, White House aides are confident in achieving a couple of significant triumphs. The Republican legislation has established a string of tax reductions, which, in Trump’s belief, are the catalyst for the rapid economic growth. However, these tax cuts mainly favour the rich, and the bill was funded through slashing federal safety-net programs, which contributed a staggering amount over $3 trillion to the national debt.
Democratic factions plan to invest massive amounts into campaigning that the bill has benefitted the affluent contributors while neglecting inflation issues. On the other hand, Republicans hope that the bill will result in tangible pay rises and a soaring stock market deep into the following year. At this juncture in the Trump reign, despite unemployment and inflation levels maintaining consistency, consumer expenditure has demonstrated a gradual decline. The legislation’s impact will only become evident with the passage of time.
In the ongoing week, Trump introduced another volatile ingredient to his economic recipe – the resurrection of his trade war plan. This involved the potential escalation of tariffs on numerous countries by the first day of August. After initial hesitations regarding comprehensive tariffs earlier this year, Trump’s cabinet maintains that he will not waver in his decision this time.
The president has instructed his advisory team to concentrate on deregulation to actuate economic growth in the subsequent months. The plan includes cutting back on an array of regulations pertaining to construction, energy development, and investment, and call for selective executive orders in these matters. The recently approved law also provides funding for heightened immigration enforcement, reinforcing Trump’s mass-deportation initiative.
However, recent demonstrations in Los Angeles concerning such raids, coupled with the deployment of the National Guard, have roused considerable apprehension. During a recent trip to Florida, Trump indicated his interest in advocating for a new U.S. census prior to the next year’s elections, potentially leading to the redrawing of congressional districts.
Last week’s catastrophic floods in Texas placed the spotlight on the administration’s intentions to decrease federal funding for disaster management. While the ceasefire agreement advocated by Trump still exists between Israel and Iran, the ongoing conflicts in Gaza and Ukraine remain unresolved.
Trump’s patience with Russian President Putin appears to be wearing thin, reflecting his reaction to the Pentagon’s temporary halt on sending defensive weapons to Ukraine. The president has called for restoration of these shipments. However, he has yet to officially back the bipartisan Senate bill aiming to impose stringent sanctions on Russia.
According to the president’s aides, there is potential for developments pertaining to the situation in Gaza. If Trump’s economy does not experience the promised boom, a shift in the house majority toward Democrats could become a reality by the following fall.
Should this occur, they would secure an opportunity to curb the progressively expanding powers of the president. This may also translate into a challenging two years filled with investigations and a possible impeachment for Trump, effectively stalling his administration.