How President Trump's actions will affect the global corporate world
Based on US President Donald Trump speech to Congress, on March 1, 2017. Solving the following major pressing problems will require and oblige us to tap into the American spirit that has overcome every challenge throughout our long and storied history.
IMMIGRATION. IT consultants entering the US will be affected. It is not compassionate, but reckless, to allow open entry from places where proper vetting cannot occur. Those given the high honour of admission to the United States should support this country and love its people and its values. Nations around the world like Canada, Australia and many others have a merit-based immigration system. It is a fundamental principle that those seeking to enter a country ought to be able to support themselves financially. In America, we do not enforce this rule, straining the very public resources that our poorest citizens rely upon. According to the National Academy of Sciences, our current immigration system costs America’s taxpayers many billions of dollars a year.
EMPLOYMENT. Ninety-four million Americans are out of the labour force. Over 43 million people are now living in poverty, and over 43 million Americans are on food stamps. More than one in five people in their prime working years are not working.
I am going to bring back millions of jobs. Protecting our workers also means reforming our system of legal immigration. The current, outdated system depresses wages for our poorest workers and puts enormous pressure on taxpayers.
ECONOMY. To accomplish our goals at home and abroad, we must restart the engine of the American economy — making it easier for companies to do business in the United States, and much harder for companies to leave. We have the worst financial recovery in 65 years. In the last eight years, the past administration has put on more new debt than nearly all other presidents combined.
We've lost more than one-fourth of our manufacturing jobs since Nafta was approved, and we've lost 60,000 factories since China joined the World Trade Organization in 2001. Our trade deficit in goods with the world last year was near $800 billion. And overseas, we have inherited a series of tragic foreign policy disasters.
TAXES. American companies are taxed at one of the highest rates anywhere in the world. My economic team is developing historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone. At the same time, we will provide massive tax relief for the middle class. We must create a level playing field for American companies and workers.
TRADE AND TARIFFS. I believe strongly in free trade, but it also must be a fair trade. Currently, when we ship products out of America, many other countries make us pay very high tariffs and taxes — but when foreign companies ship their products into America, we charge them almost nothing.
Source; Multiple sources, newspapers and magazines. http://finance.yahoo.com/news/transcript-president-trump-first-address-035402038.html