I. Economic and trade policies: from protectionism to wealth funds

First term (2017-2021): Trade war and tariff policy

Trump implemented the "America First" economic policy from 2017 to 2021, with the following highlights:

• Trade war with China : Raise tariffs on Chinese goods in an attempt to reduce the trade deficit while encouraging the return of manufacturing to the United States.
• Withdrawal from multilateral trade agreements : withdraw from the Trans-Pacific Partnership (TPP), renegotiate the North American Free Trade Agreement (NAFTA), and withdraw from the United States-Mexico-Canada Agreement (USMCA).
• Corporate tax cuts : The Tax Cuts and Jobs Act was signed in 2017, reducing corporate income tax from 35% to 21% to stimulate economic growth.

Second term (2025-): Establishment of a sovereign wealth fund

Compared with the tariff war and tax cuts during his first term, Trump's economic policies starting in 2025 are more inclined to use government assets to create wealth. The main measures include:

• Establishment of a U.S. sovereign wealth fund : Trump signed an executive order instructing the Treasury and Commerce departments to create a U.S. version of a sovereign wealth fund to invest in areas such as infrastructure and medical research and draw on the successful experiences of other countries.
• Continue to promote deglobalization : May review supply chain policies toward China, increase support for domestic manufacturing, and use government funds to invest in key industries.
• Tax cuts and fiscal stimulus : Continue the corporate tax incentives of the first term and may introduce new economic stimulus measures.

2. Cryptocurrency policy: from cautious regulation to full support

First term (2017-2021): Strict regulation

• Strengthening KYC/AML Compliance Requirements : The Ministry of Finance requires exchanges to comply with stricter Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
• SEC regulates ICO : Crack down on unregistered ICO projects to protect investors.
• Trump is personally opposed to cryptocurrencies : He has criticized Bitcoin on social media, arguing that its value is unstable and could facilitate illegal activity.

Second term (2025-): Promote cryptocurrency development

• Executive order supports digital assets : Trump signs order to make the United States a global cryptocurrency hub.
• Establishment of a Presidential Digital Asset Task Force : to study the feasibility of incorporating Bitcoin into national reserves.
• Personal issuance of cryptocurrency : Trump launched his personal crypto assets, triggering a market boom.
• Attract crypto companies : Provide tax incentives to attract global blockchain companies to develop in the United States.

3. Immigration policy: tightening border control

First term (2017-2021): Building a wall and tightening visas

• US-Mexico border wall : Invest huge amounts of money to build the US-Mexico border wall to reduce illegal immigration.
• Tighten H-1B visas : raise the threshold for skilled immigration and give priority to hiring U.S. citizens.
• "Zero tolerance" policy : stricter deportation measures against illegal immigrants.

Second term (2025-): Further tightening of immigration controls

• Accelerate the deportation of illegal immigrants : Expand immigration enforcement and implement stricter deportation policies.
• Restrictive asylum policies : reduce the approval rate of asylum applications and reduce the influx of illegal immigration.
• Promote a “merit-based immigration” system : preferring high-skilled talent over low-skilled labor.

4. Foreign Policy: From “America First” to “Tough Diplomacy”

First term (2017-2021): Unilateralism and tough diplomacy

• Withdrawal from international organizations : Withdrawal from the Paris Climate Agreement, the World Health Organization (WHO), etc.
• Put pressure on NATO allies : Ask European allies to increase military spending.
• Extreme pressure on Iran : withdraw from the Iran nuclear deal and re-impose sanctions on Iran.

Second term (2025-): Intensifying military and economic competition

• Further cuts in foreign aid : Reduce economic assistance to developing countries.
• Continue to put pressure on China : May increase the technological blockade against China and restrict Chinese companies from entering the US market.
• Strengthen trade and military cooperation with India and Europe : Seek new allies to counter China's global influence.

5. Energy Policy: Intensification of Fossil Fuels and De-Greening

First term (2017-2021): Supporting traditional energy

• Withdraw from the Paris Climate Agreement : reduce investment in clean energy and relax environmental restrictions on the fossil fuel industry.
• Promote oil and gas production : Encourage shale oil and gas extraction, making the United States one of the world's largest energy exporters.

Second term (2025-): Further promote traditional energy

• Lower environmental regulations : Reduce restrictions on the fossil fuel industry to stimulate economic growth.
• Expand domestic energy production : Encourage the production and export of coal, oil, and natural gas.
• Possible withdrawal from or amendment of more environmental agreements : Reduction of government financial support for the renewable energy industry.

VI. Science and Technology and AI Policy: Strengthening Technological Dominance

First term (2017-2021): Emphasis on national security

• Restrict Chinese technology companies : ban Huawei, TikTok, etc., and prevent foreign companies from entering key technology fields in the United States.
• Increase investment in national defense science and technology : Strengthen the military application of cutting-edge technologies such as AI and quantum computing.

Second term (2025-): Promote AI and semiconductor development

• Strengthen investment in AI and chip manufacturing : Sovereign wealth funds may be used to support domestic AI and semiconductor companies in the United States and reduce dependence on Asian supply chains.
• Continue to restrict Chinese technology companies : Further tighten export controls on Chinese high-tech companies.
• Promote the development of 5G/6G technology : Support the global competitiveness of American companies in communications technology.

Conclusion: A comprehensive shift in Trump’s policies during his second term

After Trump's successful re-election in 2024, his policy direction has changed significantly compared to his first term. He no longer relies solely on tariff wars and tax cuts, but instead strengthens the country's economic competitiveness by establishing a sovereign wealth fund . In addition, he adopts a more offensive strategy in the fields of cryptocurrency, immigration, diplomacy, energy, and technology, emphasizing the United States' global dominance.

In the future, the implementation of these policies will have a profound impact on the global economy, technology and geopolitics. Whether the United States can truly achieve "America First 2.0" still depends on the reaction of the global market and the execution of the Trump administration.