Before the Coronavirus spread from China across the globe, President Trump helped America build its strongest economy in history. Median household incomes rose to their highest level ever in 2019, while the poverty rate hit an all-time low. Under the Trump Administration, more Americans were employed than ever before—160 million—and the unemployment rate fell to a 50-year low. The unemployment rates for African-Americans, Hispanic-Americans, and Americans without a high-school diploma all hit record lows, while the Trump “Blue-Collar Boom” saw wages grow faster for workers than for managers or supervisors.
After COVID-19 forced a temporary economic shutdown, President Trump signed the largest relief package in American history to protect workers and families from economic devastation. Under President Trump’s leadership, the American economy surged back to life within months, seeing record growth and job gains.
Administration Achievements
UNPRECEDENTED ECONOMIC BOOM
Before the Coronavirus invaded our shores, we built the world’s most prosperous economy
- America gained 7 million new jobs—more than three times government experts’ projections
- Middle-class family income increased nearly $6,000—more than five times the gains during the entire previous administration
- The unemployment rate reached 3.5 percent, the lowest in a half-century
- Achieved 40 months in a row with more job openings than job hirings
- More Americans reported being employed than ever before—nearly 160 million
- Jobless claims hit a nearly 50-year low
- The number of people claiming unemployment insurance as a share of the population hit its lowest level on record
- Incomes rose in every single metro area in the United States for the first time in nearly three decades
Delivered a future of greater promise and opportunity for citizens of all backgrounds
- Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Native Americans, veterans, individuals with disabilities, and those without a high school diploma all reached record lows
- Unemployment for women hit its lowest rate in nearly 70 years
- Nearly 7 million people were lifted off of food stamps
- Poverty rates for African Americans and Hispanic Americans reached record lows
- Income inequality fell for two straight years—and by the largest amount in over a decade
- The bottom 50 percent of American households saw a 40 percent increase in net worth
- Wages rose fastest for low-income and blue-collar workers—a 16 percent pay increase
- African American homeownership increased from 41.7 percent to 46.4 percent
Brought jobs, factories, and industries back to the USA
- Created more than 1.2 million manufacturing and construction jobs
- Put in place policies to bring back supply chains from overseas
- Small business optimism broke a 35-year-old record in 2018
Hit record stock market numbers and record 401ks
- The DOW closed above 20,000 for the first time in 2017 and topped 30,000 in 2020
- The S&P 500 and NASDAQ have repeatedly notched record highs
Achieved a record-setting economic comeback by rejecting blanket lockdowns
- An October 2020 Gallup survey found 56 percent of Americans said they were better off now than four years ago, even in the midst of a global pandemic
- During the third quarter of 2020, the economy grew at a rate of 33.1 percent—the most rapid GDP growth ever recorded
- Since coronavirus lockdowns ended, the economy has added back over 12 million jobs, more than half the jobs lost
- Jobs have been recovered 23 times faster than the previous administration’s recovery
- Unemployment fell to 6.7 percent in November, from a pandemic peak of 14.7 percent in April—beating expectations of well over 10 percent unemployment through the end of 2020
- The 8 percentage point decline in the unemployment rate from April to November is the largest seven-month reduction ever recorded
- Under the previous administration, it took 49 months for the unemployment rate to fall from 10 percent to under 7 percent, compared to just 3 months for the Trump Administration
- Since April, the Hispanic unemployment rate has fallen by 10.5 percent, Asian-American unemployment by 7.8 percent, and Black-American unemployment by 6.4 percent
- 80 percent of small businesses are now open, up from just 53 percent in April
- Small business confidence hit a new high
- Homebuilder confidence reached an all-time high, and home sales hit their highest reading since December 2006
- Manufacturing optimism nearly doubled
- Household net worth rose $7.4 trillion in Q2 2020 to $112 trillion, an all-time high
- Home prices hit an all-time record high
- The United States rejected crippling lockdowns that crush the economy and inflict countless public health harms and instead safely reopened its economy
- Business confidence is higher in America than in any other G7 or European Union country
- Stabilized America’s financial markets with the establishment of a number of Treasury Department supported facilities at the Federal Reserve
FAIR AND RECIPROCAL TRADE
Secured historic trade deals to defend American workers
- Immediately withdrew from the job-killing Trans-Pacific Partnership (TPP)
- Ended the North American Free Trade Agreement (NAFTA), and replaced it with the brand new United States-Mexico-Canada Agreement (USMCA)
- The USMCA contains powerful new protections for American manufacturers, auto-makers, farmers, dairy producers, and workers
- The USMCA is expected to generate over $68 billion in economic activity and potentially create over 550,000 new jobs over 10 years
- Signed an executive order making it government policy to Buy American and Hire American, and took action to stop the outsourcing of jobs overseas
- Negotiated with Japan to slash tariffs and open its market to $7 billion in American agricultural products while ending its ban on potatoes and lamb
- Over 90 percent of American agricultural exports to Japan now receive preferential treatment, and most are duty-free
- Negotiated another deal with Japan to boost $40 billion worth of digital trade
- Renegotiated the United States-Korea Free Trade Agreement, doubling the cap on imports of American vehicles and extending the American light truck tariff
- Reached a written, fully enforceable Phase One trade agreement with China on confronting pirated and counterfeit goods, as well as the protection of American ideas, trade secrets, patents, and trademarks
- China agreed to purchase an additional $200 billion worth of United States exports and opened market access for over 4,000 American facilities to exports while all tariffs remained in effect
- Achieved a mutual agreement with the European Union (EU) that addresses unfair trade practices and increases duty-free exports 180 percent to $420 million
- Secured a pledge from the EU to eliminate tariffs on American lobster—the first United States-European Union negotiated tariff reduction in over 20 years
- Scored a historic victory by overhauling the Universal Postal Union, whose outdated policies were undermining American workers and interests
- Engaged extensively with trade partners like the EU and Japan to advance reforms to the World Trade Organization (WTO)
- Issued a first-ever comprehensive report on the WTO Appellate Body’s failures to comply with WTO rules and interpret WTO agreements as written
- Blocked nominees to the WTO’s Appellate Body until WTO Members recognize and address longstanding issues with Appellate Body activism
- Submitted 5 papers to the WTO Committee on Agriculture to improve Members’ understanding of how trade policies are implemented, highlight areas for improved transparency, and encourage members to maintain up-to-date notifications on market access and domestic support
Took strong actions to confront unfair trade practices and put America First
- Imposed tariffs on hundreds of billions worth of Chinese goods to protect American jobs and stop China’s abuses under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974
- Directed an all-of-government effort to halt and punish efforts by the Communist Party of China to steal and profit from American innovations and intellectual property
- Imposed tariffs on foreign aluminum and foreign steel to protect our vital industries and support our national security
- Approved tariffs on $1.8 billion in imports of washing machines and $8.5 billion in imports of solar panels
- Blocked illegal timber imports from Peru
- Took action against France for its digital services tax that unfairly targets American technology companies
- Launched investigations into digital services taxes that have been proposed or adopted by 10 other countries
