A Deep Dive into Trump's Key Economic Policies in the 2024 Election
Donald Trump’s rise from real estate mogul to the 45th President of the United States shocked many political observers in 2016. His unconventional approach to politics, rooted in his business experience, media presence, and populist appeal, has shaped both his campaigns and his presidency. As the 2024 election approaches, it’s important to take a closer look at Trump’s economic background and how it influenced his policies during his time in office. From his real estate ventures to his high-profile media appearances, Trump’s path to the presidency was unique, and his economic vision remains a key part of his political identity. This article explores the key elements of Trump’s business career, his approach to “Trumponomics,” and what his potential return to the White House might mean for the U.S. economy.
Trump’s Business Background: The Man Behind The Deals
When New York businessman Donald Trump announced his candidacy for the 2016 presidential race, few political insiders took it seriously. What was surprising, though, was how swiftly he consolidated support within the Republican Party and emerged as a populist champion for the disenchanted voter. With a career steeped in real estate, media stardom, and public controversy—along with very little of the traditional political experience—Trump’s path to the presidency was far from conventional. However, his extensive business background, influential media presence, and high-profile public stances provided a foundation for his economic and political vision.
From the outset, Trump’s career was dominated by his work in real estate and hospitality through The Trump Organization. Founded by his father, Fred Trump, the business focused initially on residential real estate development, but Donald Trump’s takeover in the 1970s saw a pivot toward high-end, high-profile real estate ventures. In the 1980s and 1990s, he built and branded skyscrapers, casinos, hotels, and golf courses, most notably Trump Tower in New York City. Trump’s business approach emphasized luxury and spectacle, and he famously placed his name on nearly every project, crafting an image synonymous with wealth and success. Despite several corporate bankruptcies in his casino and hotel ventures and allegations of mismanagement, Trump’s style of leveraging debt and aggressively marketing his brand solidified his presence in the luxury real estate market. Throughout his business career, he often publicly advocated for tax advantages and deregulation to benefit developers and investors, lobbying for changes in tax policy that favored real estate capital gains and depreciation benefits.
Trump’s financial success and self-promotion landed him a prominent role in American popular culture, particularly through media appearances. Perhaps most notably, his starring role in the long-running reality television show “The Apprentice” (2004-2015) transformed Trump into a household name. The show portrayed Trump as a shrewd, decisive businessman—traits he would later leverage in his political messaging as a "deal-maker" who could run the government like a business. The catchphrase "You're fired!" became synonymous with Trump's public persona, portraying him as a no-nonsense leader who valued efficiency and results. Trump's media presence was further solidified through frequent television interviews, guest appearances on talk shows, and his often-controversial commentary on social and political issues, which garnered significant public attention.
On public policy and lobbying efforts, Trump’s economic views were largely influenced by his experiences in business and a long-standing disdain for political correctness and establishment norms. Throughout the 1980s and 1990s, he was outspoken on trade issues, criticizing what he saw as unfair trade practices by countries like Japan and China that, according to him, harmed American industries. He became a prominent advocate for more protectionist trade policies, favoring tariffs and renegotiation of international agreements to benefit American workers. These views would form the backbone of his economic agenda during his presidency. During the 2012 election cycle, Trump also teased a presidential run, using the opportunity to voice his views on taxation, calling for a tax overhaul that would reduce rates for corporations and high-income earners, framing such policies as necessary to stimulate growth and bring jobs back to the U.S.
Throughout his business career, Trump had various positions on labor and immigration, issues that would later become central to his political campaign. He held a mixed stance on labor unions; while sometimes lauding their role in helping secure jobs, he also battled union efforts in his own hotel and casino ventures. On immigration, Trump publicly supported stricter controls and enforcement, a stance tied to his claims about the impact of immigration on American jobs and wages—an argument he amplified to great effect during his presidential campaign. Additionally, Trump's real estate dealings involved complex relationships with labor, suppliers, and municipalities, which often informed his positions on economic development, construction regulation, and business incentives.
Trump’s foray into politics was not marked by traditional public service but rather by high-profile lobbying, public controversies, and real estate disputes. He was involved in various legal battles over zoning, tenant rights, and contractual disagreements throughout his career. These disputes often placed Trump in the public eye, showcasing his confrontational and litigious approach to business. His dealings and legal controversies, including accusations of housing discrimination in the 1970s, were often characterized by public defiance and a refusal to admit fault—traits that later defined his political persona.
Trump’s Presidency: Trumponomics 2017-2021
As seen between 2017 and 2021, Trumponomics is geared towards two main goals: reinvigorating American businesses, especially in the manufacturing sector, and stimulating the economy through an uptick in government spending.
As a preface, it is important to note that the impacts of Trump’s America are difficult to evaluate, as the beginning of his tenure was skewed by the success of the Obama administration, which ended with arguably the strongest economy in American history, while the end was skewed by the pandemic.
To accomplish the first goal, Trump prioritized buying American goods, imposing tariffs on Chinese goods and providing tax relief to American businesses. Amidst the smoke and uncertainty regarding his economic plans for this election cycle, Trump has made it clear that he favors bringing back a high tariff on Chinese goods, weary of the threat of China and hopeful to reinvigorate American businesses.
Despite his vocal emphasis on prioritizing America, Trump was successful in his replacement of the North American Free Trade Agreement (NAFTA) with the U.S.-Mexico-Canada Agreement (USMCA) secured effective regional partnerships which resulted in a boost in jobs for American workers, especially in the auto industry, while also dictating new standards for labor rights and environmental regulations.
Trump also provided one of the most significant upheavals of U.S. tax code in recent history, cutting the corporate tax rate from 35% to 21%. By doing so, the former President hoped to make American businesses more competitive internationally, while also facilitating domestic spending. The plan was successful in that regard, especially in the short-term. Yet, critics say the plan disproportionately benefited upper-class America, while also eventually leading to the ballooning of the national deficit.
The Republican Nominee was also vocal in his criticism of regulation. During his presidency, he issued an executive order coining the “one-in, two-out” act which required two existing pieces of regulation to be eliminated with the passing of a new piece of regulation. Economic restrictions, especially those geared towards the climate, were, as Trump felt, counter-productive to economic growth.
The Trump economy was certainly volatile, yet until the pandemic, the United States’ economy did reach a new peak with unemployment hitting an all-time low. Yet the pandemic, under the 45th President, did devastate the economy, with critics citing a gross mismanagement. How much of recent economic successes and failures can be attributed to Trump is a question yet to be answered, as is the question of what the Trump-Vance ticket aims to bring to the economy?
So.. what exactly can we expect from Trump?
As Donald Trump once again steps onto the political stage, his economic philosophy remains a focal point for both supporters and critics. His presidency from 2017 to 2021 showed a strong focus on protectionist trade policies, tax cuts, and deregulation, all of which were designed to prioritize American businesses and stimulate short-term economic growth. Turning to his stint as Commander in Chief as a report card is skewed, as the success of the Obama administration on one end coupled with the pandemic on the other cut off all controls.
However, the long-term effects of his economic strategies—particularly the corporate tax cuts and trade tariffs—continue to spark debate. With limited details on his economic policies for the 2024 campaign, voters can only look to his previous term for clues about what might lie ahead. What remains clear is that Trump’s bold and often controversial approach to economic policy will continue to shape discussions as the 2024 election draws near. Whether this approach can address the complexities of a post-pandemic economy is a question only time will answer.