Trump signals cuts in red tape amid withdrawal from trans-Pacific partnership

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US president-elect Donald Trump has released a video outlining his plans for his first 100 days in office, which include immediate withdrawal from negotiations on the trans-Pacific partnership (TPP) trade deal, but omit any mention of his campaign pledges to overhaul the US tax regime

Stating that his core aim is to ‘put America first’, Trump said his first steps as the new president once inaugurated in January will be to ensure ‘the next generation of production and innovation is based here, in our homeland, creating wealth and jobs for American workers’.

Trump said he had a number of actions he intends to execute on ‘day one’ of his presidency, all of which he said would ‘bring back jobs’. The first is to notify his intention to withdraw from TPP which he described as a ‘potential disaster’.

TPP involves the creation of a trading group with reduced tariffs involving 12 countries: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru. Trump said he now intends to negotiate foreign bi-lateral trade deals instead.

He also announced plans to cut red tape, by passing a rule immediately he is in office stating that for every one regulation which is introduced, two existing regulations must be eliminated.

In addition, Trump lifted restrictions in the energy market, which he said would produce ‘millions of jobs’ in the clean coal and gas industries. He is also planning a five-year ban on former executive officers becoming lobbyists and a lifetime time on them undertaking lobby work for foreign governments.

The ‘Trump Plan’ launch during his campaign suggested Trump wanted to cut US corporation tax rates from the current 35% down to 15%, with a one-off 10% charge for US companies who repatriated offshore revenues. He also indicated plans to reduce the number of tax brackets for individuals to three from the current seven, with rates of three brackets of 12%, 25% and 33%.

Commentators have pointed out that all of Trump’s 100-day commitments can be achieved via a presidential signature; other proposals including tax changes and the building of a wall between the US and Mexico, require the approval of Congress and are likely to be subject to considerable debate.

Trump’s video on his first 100 days is here.

Pat Sweet | Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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