Trump to propose new economic plan ‘to make America affordable again’

On 5 September, Donald Trump will present an economic vision titled ‘Make America Affordable Again’ in a speech at the Economic Club of New York on Thursday, with the goal of making the economy more affordable and lowering the cost of living for the American people, according to a disclosure by the Trump campaign. Trump's plan focuses on reducing government waste, curtailing regulatory overreach, and unleashing domestic energy production - all pillars he sees as vital to revitalising the economy. ‘At the centre of the ‘Make America Affordable Again’ plan is the creation of a government efficiency commission, an idea floated by Elon Musk, which would conduct a comprehensive audit of the federal government to uncover waste, fraud and inefficiency. Trump's goal is to streamline government operations and curb inflation by reducing unnecessary spending as a way to curb bloated bureaucracies, according to people familiar with the matter.

With his record of deregulation and austerity, Trump intends to portray himself as a leader who can ‘make America affordable again’. The plan also includes a big push for deregulation, particularly in housing and energy. Hoping to lower housing costs by reducing regulation and opening up federal land for large-scale housing development, his approach to energy centres on fast-tracking approvals for drilling and pipelines in the hope of significantly lowering energy prices. Another key element of Trump's ‘Make America Affordable Again’ plan is a promise to repeal unspent funds from the Biden administration's Inflation Reduction Act.

Trump is also expected to reiterate his support for ‘smart tariffs’ on imports as a way to boost domestic manufacturing. Trump sees tariffs as an important tool to protect U.S. industry, keep the economy competitive, and open global markets to U.S. companies. The Trump campaign disclosed that tariffs would help reduce inflation by encouraging domestic production - a central theme of his economic agenda.