Sustained economic growth provides a foundation for broad-based prosperity by expanding opportunities, increasing incomes, fostering innovation and enhancing the overall quality of life for individuals and families. It is a critical driver in reducing poverty and creating a society where everyone has a chance to thrive.
Businesses of all sizes drive economic growth and want to invest in America. President Trump has made it clear he wants that investment, too. So, now that we are past the administration’s first 100 days, here are five areas of focus that will help grow the economy:
First, let’s wrap up work on taxes and make permanent the 2017 tax reforms
Competitive tax policy is essential for economic growth. Without an extension of the 2017 tax reforms, Americans would have to endure a $4.5 trillion tax increase. We are encouraged by the work of Congress so far, and we are working with them to get the package across the finish line, including hosting 100 roundtables across the country. The goal should be to make tax reforms permanent—eliminating uncertainty down the line.
Second, finalize as many trade deals as possible, and wind down the new tariffs
Free and fair trade deals will benefit American companies, American workers, and American consumers. Negotiating can be complex and take time, but trade agreements will help reduce costs and open markets for American producers. The administration should move with urgency to strike deals that lower trade barriers, and in the meantime, enact the tariff exclusions for small businesses, for products not produced in the U.S., and for companies facing imminent layoffs of American workers that the Chamber and others have requested. The tariffs enacted to date are effectively the largest tax increase in history and will hinder the growth America needs.
Third, advance permitting reform
The Trump Administration came into office with a target-rich environment of burdensome regulations from the previous administration—the most in history, many of which attempted to micromanage businesses. Progress has been made in the first 100 days to rein in this regulatory overreach, and more work should be done. And to attract additional investment, we also must reform our country’s outdated permitting process by cutting unnecessary red tape and reducing lawsuits. It takes far too long to get a permit for manufacturing, energy, infrastructure and more, and capital investment is getting stuck on the sidelines. We know the work to find a package that can pass Congress won’t be easy, but now is the time to accelerate this work and make America more competitive.
Fourth, offer new opportunities for legal immigration
When we talk to business owners and leaders about their plans to grow, workforce is one of the biggest barriers they cite. Businesses simply can’t expand without the talent required to do so. The president was right to focus on border security first, and we commend his leadership on this issue. Now that progress has been made, it is time to focus on America’s legal immigration system.
Our nation's success always has relied on welcoming the best, most hardworking, talented people from around the world. This has been a significant driver in our nation's growth, prosperity, and competitive advantage. Unfortunately, the current immigration system doesn't meet the needs of our economy, businesses, or workers. That’s why we need reforms to legal immigration that will boost economic growth, create jobs, and foster innovation for all Americans.
Fifth, unleash America’s energy potential by expediting investments in energy production and transmission
Technology and AI have the potential to transform our economy, but they need power. America—and the rest of the world—must address the growing demand for energy. Fortunately, the U.S. is already well positioned as a global energy superpower, but we are still lagging in the necessary infrastructure to reach our full potential. The administration can help facilitate investments in production and transmission to meet these needs. The U.S. has a critical role to play as an energy exporter to our allies, creating jobs and growth here at home while contributing to global stability.
If the administration takes these steps, it will help workers, families and businesses, and drive economic growth. American businesses stand ready to help the administration on all five of these priorities. Let’s get to work.
In Depth
About the author
Suzanne P. Clark
As President and CEO of the U.S. Chamber of Commerce, Suzanne Clark heads strategy, government relations and market innovation to support member companies and businesses.
