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Economic changes over coronavirus proposal.
President Donald Trump made plans to tackle the coronavirus outbreak, and also addressed supporting businesses during the crisis.
What short-term measures has President Trump proposed to mitigate the impact of coronavirus on the US economy?
President Trump Proposes Economic Changes Over Coronavirus
The outbreak of coronavirus has had a significant impact on economies all around the world, including the United States. To minimize its effects, US President Donald Trump has proposed economic changes to alleviate the economic impact of the virus. His proposals include both short-term and long-term strategies that aim to mitigate the damage.
The proposals include wage subsidies, tax breaks, and infrastructure spending. President Trump has also sought to regulate the price of oil and is pushing for a payroll tax cut. He has consistently encouraged the Federal Reserve to cut interest rates to make borrowing cheaper for businesses and individuals.
The most significant short-term impact of the coronavirus crisis has been felt in the services sector, specifically in travel and leisure. International travel has decreased sharply due to global quarantines, and domestic leisure activities like sports, concerts and movies are also affected. The proposed short-term measures are aimed at injecting liquidity back into the economy and help businesses stay afloat.
The long-term measures include pacifying trade tensions, increasing infrastructure spending and promoting more domestic manufacturing. The US administration and China recently agreed to a ‘Phase 1’ trade deal, thus reducing tariffs on imports after long periods of acrimony.
Infrastructure spending has been a persistent demand of President Trump since his early days in office. At present, the country’s infrastructure has been rated average as a result of neglect and underfunding. In contrast, China and other economies have made significant investments and established themselves as leaders in infrastructure development. Thus, President Trump’s initiative aims to increase the competitiveness of US infrastructure.
Meanwhile, the expansion of US servicemen in Africa is expected to promote the development of African manufacturing, providing export opportunities for the US. In addition to infrastructure spending, President Trump is encouraging domestic manufacturing over imports to increase employment and reduce reliance on China.
To mitigate the effects of coronavirus on the US economy in the long run, President Trump is focused on initiatives that look beyond the current developments. With the current crisis threatening to evolve into a global catastrophe, the success of these policy measures will play a critical role in stabilizing the economy and ensuring growth in the future.
Moreover, due to the rising concerns about the coronavirus epidemic in the United States and abroad, the president is taking further measures. The Trump administration has allocated massive funds, pledged to provide monetary support and additional health resources to tackle the crisis, and reducing the economic impacts of COVID-19.
In conclusion, President Trump has proposed a series of short-term and long-term measures to mitigate the impact of the coronavirus outbreak on the United States economy. These measures, aimed to make borrowing cheaper for individuals and businesses through payroll tax cuts, wage subsidies as well as infrastructure spending, are expected to provide necessary liquidity to help businesses remain afloat. Additionally, the long-term measures, such as pacifying trade tensions, promoting domestic manufacturing and increasing infrastructure spending, will ensure growth in the future. With the persistence of a rapidly spreading famine and disease, the public and private sectors must cooperate to resolve these arising issues, to keep the US economy safe, healthy and robust throughout this pandemic.
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