Key takeaways from Trump’s economic address

Business & Economy

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Key takeaways from Trump’s economic address

Former President Trump on Thursday laid out his economic agenda if he is elected in November, while addressing a crowd of economists, business leaders and journalists at the Economic Club of New York.

During the address, the former president doubled down on many of the policies that he leaned on during his first four years in office and vowed to undo numerous Biden administration moves. He also called for extended tax cuts, deregulation and tariffs on companies who outsource jobs or import products.

Here are some of our key takeaways.

More tariffs and tax cuts: The former president said he would push to extend the individual tax cuts enacted in 2017 that are set to expire in 2025. He also said he would push to lower the corporate tax rate even further than the 2017 law did, from 21 percent to 15 percent. Doing so would require congressional action.

Government efficiency commission led by Musk: One concrete proposal from Trump’s speech was for the creation of a government efficiency commission, an idea first suggested to the former president by billionaire ally Elon Musk.

Rescinding signature Biden law: Trump told the audience in New York that if he wins in November, a signature achievement of the Biden administration would be in trouble. The former president said he would “rescind all unspent funds” under the Inflation Reduction Act, a $740 billion law passed with only Democratic votes in 2022.

The Hill’s Brett Samuels has more here.

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Essential Reads

Key business and economic news with implications this week and beyond:

Weekly jobless claims fall to 2-month low

Weekly unemployment insurance claims fell to a two-month low ahead of Friday’s hotly anticipated jobs report, according to data released Thursday.

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Trump says Musk has agreed to run proposed ‘government efficiency commission’

Former President Trump said Thursday he would establish a “government efficiency commission” if he wins in November, and billionaire ally Elon Musk would lead the effort.

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Yellen makes case for Inflation Reduction Act’s clean energy tax credits in North Carolina

Treasury Secretary Janet Yellen on Thursday touted the successes of the Inflation Reduction Act’s (IRA) clean energy tax credits and argued that efforts to roll them back would be a “historic mistake.”

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Harris campaign, Teamsters set roundtable date

The International Brotherhood of Teamsters is set to host a roundtable with Vice President Harris and the union’s members and executives on Sept. 16.

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The Ticker

Upcoming news themes and events we're watching:

The Labor Department will release the August jobs report on Friday morning at 8:30 a.m. ET.

In Other News

Branch out with more stories from the day:

Verizon is buying Frontier in $20B deal to strengthen its fiber network

Verizon is buying Frontier Communications in a $20 billion deal to strengthen its fiber network. Verizon …

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Good to Know

Business and economic news we've flagged from other outlets:

Dow falls 200 points, S&P 500 posts third straight loss as growth fears plague investors (CNBC)
Wall Street’s Big Bet on Jumbo Fed Cuts Hangs on US Jobs Report (Bloomberg)
The Corporation Stealing Your Kid’s Lunch Money (The Lever)

What Others are Reading

Top stories on The Hill right now:

Boebert defends vote against veterans’ health benefits, saying she didn’t want to spend ‘$600 billion forever’

Rep. Lauren Boebert (R-Colo.) defended her vote against bipartisan legislation that expanded health benefits for veterans, saying Tuesday she didn’t want to spend “$600 billion forever.” Read more

Judge accepts Hunter Biden plea change, staving off trial

Hunter Biden pleaded guilty Thursday to all nine federal tax charges he faced, staving off his second criminal trial this year just before it was set to begin, according to The Associated Press. Read more

What People Think

Opinion related to business and economic issues submitted to The Hill:

Mothers want flexible work options, not subsidies and restrictions

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