Real Benefits and Real Results
Just over two years ago, President Donald Trump signed the Tax Cuts and Jobs Act into law. Since then, Americans are not only getting to keep more of their hard-earned money as promised, but the economy is clearly booming as a result of the president’s continual focus on pro-growth policies. Indeed, there are numerous signs that the country is better off and that the best is still ahead.
Thanks to historic tax reform delivered by a Republican-led Congress and President Trump, wages continue to rise, unemployment has reached its lowest level in nearly 50 years, millions of jobs have been created and the economy is growing by leaps and bounds. Holiday shopping sales in recent weeks are perhaps the most telling indicator that tax reform is working for the American people. Following strong sales of $31.2 billion on Black Friday, it was just before Christmas on Super Saturday that U.S. retail sales reached $34.4 billion – exceeding any single sales day on record in the United States. Craig Johnson, who leads retail research firm Customer Growth Partners, said it best: “Job growth and fatter wallets, along with stronger household finances, have put consumers in a buying mood this season.”
Tax reform isn’t the only economic policy promoted by the Trump Administration that is delivering real results. Throughout his time in office, the president has focused a lot on improving America’s ability to compete and thrive in the international trading sphere. Just a couple weeks ago, I was proud that the House finally passed the United States-Mexico-Canada Agreement (USMCA), which was skillfully negotiated and secured on America’s behalf by President Trump more than a year ago. Considering that the United States trades with Mexico and Canada more than any other countries in the world, it is certainly worthwhile to strengthen that relationship and to modernize the outdated terms of trade outlined by the North American Free Trade Agreement (NAFTA). However, USMCA goes beyond reinforcing the relationship we have with our North American neighbors. This trade deal is a tremendous win for the American people – for millions of manufacturers, entrepreneurs, farmers and ranchers. Along the path to full ratification in the United States, I look forward to the Senate taking up USMCA in the coming days and similarly passing it with strong bipartisan support.
Beyond negotiating USMCA, President Trump continues to work out better trade deals for the United States. Just before Christmas, the White House announced that Phase One of a comprehensive trade agreement has been reached with China after more than a year of challenging negotiations. The resulting Phase One agreement reduces some existing U.S. tariffs on Chinese goods – and cancels one scheduled to start this month – in exchange for China buying at least $200 billion in U.S. goods and at least $40 billion in agricultural products. This news delivers yet another win for American job creators and workers.
As another year ends and a new decade begins, I applaud President Trump for his dogged commitment to improving economic policies and delivering real benefits and results to American job creators, workers and consumers. Indeed, the American people are thriving, our economy is growing and business is booming.