Trump’s first address to US Congress fuels high hopes on Wall Street

Global Business

The U.S. President Donald Trump’s speech to Congress was long on vision and short on specifics.

Still, it appears enough of a policy outline to fuel increased expectations on Wall Street – of a more business-friendly White House.

CGTN’s Jessica Stone reports.

Trump's first address to US Congress fuels high hopes on Wall Street

Trump's first address to US Congress fuels high hopes on Wall Street

The U.S. President Donald Trump’s speech to Congress was long on vision and short on specifics. Still, it appears enough of a policy outline to fuel increased expectations on Wall Street – of a more business-friendly White House. CGTN’s Jessica Stone reports.

Trump proposed tax reform that would cut the U.S. corporate tax rate. At 39 percent, it’s the highest among the world’s major market economies.

He’s already ordered government agencies to review and eliminate what he’s called “excessive” business regulations.

Trump is also pledging to reform the nation’s healthcare system and put continued pressure on car companies and major manufacturers – to bring production back to the United States.

He claimed credit for moves by auto manufacturers like Ford and Fiat to keep thousands of jobs – stateside.

But the U.S. president also wants to make good on his promise to rebuild American roads, bridges and airports. That comes with a high price tag.

“I will be asking the Congress to approve legislation that produces a $1 trillion investment in the infrastructure of the United States — financed through both public and private capital — creating millions of new jobs,” Trump said.

For a president known for controversial proposals to stop illegal immigration, he proposed a new approach to legal immigration, one Silicon Valley may embrace. The U.S. tech sector has pushed for the U.S. to offer more H1B visas, for high-skilled workers.

Trump has sent conflicting messages on the program – but said he wants a system that rewards trained applicants.


US WTO membership in question under Trump administration

The Trump administration has been considering abandoning some of its commitments to the World Trade Organization. It’s looking closely at the WTO’s dispute settlement system to address trade grievances.

CGTN’s Daniel Ryntjes has more.

US WTO membership in question under Trump administration

US WTO membership in question under Trump administration

The Trump administration has been considering abandoning some of its commitments to the World Trade Organization. It's looking closely at the WTO's dispute settlement system to address trade grievances. CGTN’s Daniel Ryntjes has more.

Since 1995 trade disputes have been handled by a World Trade Organization settlement system recognized by 164 member countries.

Now a draft trade policy document produced by the Trump administration indicates that officials are considering pulling back.

The draft document indicates that the Trump administration is considering reasserting the primacy of U.S. laws which predate international agreements under the WTO.

The White House has now denied any intention to pull out of the WTO as a whole.

But officials aren’t publicly discussing trade policy until U.S. Trade Representative Nominee Robert Lighthizer is in office.


Steve Pruitt discusses Trump’s economic reforms and the US economy

For more on the reaction to Trump’s speech and its potential impact on the economy Rachelle Akuffo set down with Steve Pruitt. He is a managing partner at Watts Partners, and former Staff Director of the Committee on the Budget of the United States House of Representatives.