As the curtain closes on Donald Trump’s presidency, it’s essential to take a step back and assess his administration’s impact on the country and the world. From a libertarian perspective, Trump’s term was a mixed bag, with some significant accomplishments and some concerning developments. In this article, we’ll explore the most notable highlights and lowlights from a free-market point of view.

Economic Policy

Trump’s economic policies will likely be the most debated aspect of his presidency. On the one hand, his tax cuts and deregulation efforts did lead to increased economic growth and a surge in the stock market. The Tax Cuts and Jobs Act, signed in 2017, reduced the corporate tax rate from 35% to 21%, and individual taxes were also lowered. This created a temporary economic boost, as companies and individuals had more money to invest and spend.

On the other hand, the ballooning national debt and the shift towards protectionism through tariffs and trade wars will have long-term consequences. The widespread use of tariffs and trade restrictions will likely lead to higher prices, reduced trade, and decreased global economic cooperation. As a libertarian, this is concerning, as free trade is a fundamental principle of a prosperous and peaceful international order.

Regulatory Rollbacks

Trump’s administration was quick to roll back regulations across various industries, which was a necessary step to reduce the over-regulatory burden on businesses. The number of regulations dropped significantly, and many agencies were ordered to freeze new rulemakings. This gave entrepreneurs and small businesses more room to innovate and grow without being suffocated by bureaucratic red tape.

However, some of these rollbacks were excessive and didn’t align with any clear philosophical framework. The administration’s approach often prioritized short-term gains over long-term benefits, leading to a lack of coordination and consistency. For example, the rollback of net neutrality regulations had unintended consequences, such as increased internet prices and reduced competition.