US President Donald Trump said that America is headed for an "economic boom" in the upcoming year. Speaking at the White House on Wednesday (local time), Trump highlighted his achievements of during the second term and outlined the administration’s plans for the economy, border security and the United States’ role on the global stage.
For the upcoming year, Trump made a range of promises, ranging from lower mortage for Americans to expanding the country's energy resources.
'More money in your wallets'
Trump said that the country would begin to see tangible financial benefits from his policies. He told viewers, “You will see in your wallets and bank accounts in the new year, after years of record-setting falling incomes, our policies are boosting take-home pay at a historic pace.”
Impact of tax cuts
Looking ahead, Trump pointed to tax policy as a central pillar of his economic agenda. He said the next year would reflect the impact of what he called “the largest tax cuts in American history”, delivered through “our great, big, beautiful bill — perhaps the most sweeping legislation ever passed in Congress”.
Electricity prices to fall
On energy, Trump said his administration was preparing for an unprecedented expansion in electricity production. He claimed that “within the next 12 months, we will have opened 1,600 new electrical generating plants”, describing it as a record unlikely to be surpassed soon. According to Trump, “prices on electricity and everything else” will also “fall dramatically”.
Lower interest and housing reforms
The President also focused on interest rates and housing, saying he would soon announce a new chair of the Federal Reserve who supported significantly lower borrowing costs. “And I'll soon announce our next chairman of the Federal Reserve, someone who believes in lower interest rates by a lot,” he said, adding that mortgage payments would continue to come down. He further promised major policy changes in the property sector, saying that early in the new year he would unveil “some of the most aggressive housing reform plans in American history”.
Turning to America’s standing abroad, Trump said the country had regained respect under his leadership. “America is respected. And our country is back, stronger than ever before,” he said, claiming the US was on the brink of an economic expansion “the likes of which the world has never seen”.
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