Core Policy Analysis - The large-scale tax cuts primarily benefit corporations and high-income individuals, with supporters arguing it will stimulate investment and economic growth, but concerns arise over the financing method, which involves significant cuts to social safety nets and an expected increase of over $3 trillion in national debt [3] - Mainstream economists warn that expanding the deficit on top of already high debt levels will raise borrowing costs, crowd out private investment, and potentially slow long-term economic growth, pushing the debt-to-GDP ratio to a post-World War II high, posing a serious test to fiscal sustainability [3] Tariff Policy - Tariffs are a central tool of Trump's "America First" trade policy, threatening to impose tariffs as high as 40% on multiple countries and expanding the scope to critical imports like pharmaceuticals and chips, aiming to force trade partners into favorable agreements and increase government revenue [5] - Economists generally agree that tariffs effectively act as a tax on domestic consumers, leading to higher import costs that will be passed on to end prices, exacerbating inflationary pressures and eroding consumer purchasing power, with estimates suggesting a potential decline in household income [5] - The tariff war disrupts global supply chains, harming domestic companies reliant on imported components or export markets, and may provoke retaliatory measures from trade partners, further damaging U.S. economic interests [5] Other Related Policies - In addition to fiscal and trade policies, deregulation and tightening immigration policies are also being implemented, which may lower costs for businesses in some areas but could introduce risks related to environmental, financial stability, or labor rights [7] - Large-scale deportations of immigrants, particularly in sectors like agriculture that rely heavily on immigrant labor, could lead to labor shortages, increased wage costs, and impact the stability of supply chains [7] Current Economic Conditions and Future Outlook - The current U.S. economy shows some resilience, but signs of potential pressure are emerging, such as changes in employment growth structure and weak consumer spending, with the full impact of these policies yet to be realized [8] - The Federal Reserve is maintaining interest rates while awaiting clear signals from this economic experiment, with President Trump positioning Fed Chair Powell as a potential scapegoat should economic data worsen [8] Conclusion - The Trump administration is rapidly reshaping the U.S. economic policy framework, based on a unique economic philosophy that believes tax cuts and trade protection can achieve extraordinary growth while downplaying mainstream economic warnings about fiscal imbalance and trade wars [9] - The coming months will be critical for assessing whether this high-risk economic experiment will yield the promised prosperity or lead to new economic challenges and turmoil, with the overall impact of policies, market reactions, and economic data collectively determining the outcome [10]