With the continuous development of globalization, many changes brought about by the U.S. presidential administration by Trump will have a huge impact on all countries in the world.
Despite a series of efforts made by the last U.S. government, the United States has not yet been able to get out of the shadow of stagnating economic growth in the short term. During the period of Obama's administration (January 2009-January 2017), the reform focused on promoting innovation and revitalizing the real economy by forming a composite supportive tool serving the development of innovative economy through the integrated application of political, military, diplomatic and financial means, Make Innovation Strategy a Core Strategy for U.S. Economic Development. The structural reforms led by scientific and technological innovation are being promoted from the aspects of increasing the support for innovation in key areas, promoting the priority areas for long-term economic growth in the United States, and leading the third wave of innovation and entrepreneurship in the United States. Titanium CNC machining milling accessories Manufacturer It should be said that Obama's structural reforms on scientific and technological innovation have laid a solid foundation for the U.S. economy to recover and give a good boost to its core resources. However, history has not given its sufficient time to continue its practice. At the end of its eight-year term, the widening gap between rich and poor, complex corporate tax policies, a weakened educational system, and political stalemate put the U.S. economy at a standing risk of long-term growth stagnation. Statistics show that between 2009 and 2016, the average annual growth rate of U.S. GDP is about 1.4%. And Obama has also become the first president in the modern history of the United States to have no more than 3% growth in any one year during his tenure of office.
Trump's spearhead of "making the United States strong again" has been directed at globalization and Made in China. The hollowing out of manufacturing industries and the massive unemployment of the working class combined with the dilapidation of domestic infrastructure have caused massive loss of job opportunities in the manufacturing industry and its affiliated service industries in the United States and the growth of labor productivity has slipped to the level of the 1980s. In the course of economic globalization, the interests of the general working class were impaired (the average hourly wage and weekly salary were even lower than in 1973), which were ignored by the elite. For Trump, the reason why the United States has become less powerful is as follows: First, a series of wrong policies stemming from successive governments since President Clinton (term January 1993-January 2001), including : (1) The United States has made too many concessions in the international trade negotiations such as the North American Free Trade Agreement (NAFTA) and China's accession to the WTO, and has failed to adequately protect its manufacturing industry. (2) Lifting large numbers of illegal immigrants into the United States and competing for their own people's employment Opportunities and lower wages; (3) Globally promoting the "democratic" ideology and mistakenly launching many wars that cost them huge amounts of national defense expenditures for the Allies have led to investment in domestic infrastructure and livelihood projects insufficient. Second, Aluminum cnc machining for metal parts Manufacturer China has sucked the manufacturing capital of the United States and squeezed the United States from its position as the largest manufacturing power. It is the development of the Chinese economy, especially the manufacturing industry, that makes the Sino-U.S. Economy more competitive.