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President Donald Trump began his second term with a series of executive actions to ramp up immigration enforcement and increase the pace of deportations.

His first-day orders included sending military resources to the U.S.-Mexico border, restricting the ability of most migrants to claim asylum at the border, pausing all refugee resettlement in the U.S., and requiring more migrants to be kept in detention while their removal cases are processed. The president also signed an order ending automatic birthright citizenship for the children of noncitizens unlawfully present in the U.S., which has been stayed in court.

In the early weeks of his presidency, Trump also used the threat of tariffs as a negotiation tool in part to address border security concerns with both Mexico and Canada. Among the concessions he accepted to delay the tariffs was a commitment from Mexico’s President Claudia Sheinbaum to deploy 10,000 National Guard members to the nations’ shared border to help stop the flow of undocumented migrants.

The American Immigration Council estimates that the cost of deporting 1 million people annually could cost around $88 billion – and a one-time mass deportation could cost up to $315 billion. Republicans are eyeing the budget reconciliation process – which would allow them to pass legislation without support from Democrats – to fund additional border security and interior enforcement needs. Other funding could come through the regular annual appropriations process, but these measures would need Democrats to overcome the Senate’s 60-vote threshold.

Any larger changes to immigration policy that don’t meet reconciliation requirements, such as modifying asylum processes, legal immigration levels, and the status of Deferred Action for Childhood Arrivals recipients would also likely require bipartisan dealmaking.

President Donald Trump’s tax policy position includes making permanent the individual income tax cuts from the 2017 Tax Cuts and Jobs Act, which are currently set to expire after 2025. Congress is looking to pass an extension and possible expansion using reconciliation. Trump, along with many Republicans, are also interested in expanding the child tax credit to a $5,000 universal credit and increasing the $10,000 cap on state and local tax (SALT) deductions.

These proposals have sparked debate among policymakers and economists, with concerns about potential impacts on the federal deficit and the distributional effects of the tax changes. Some analyses suggest that the proposed tax changes could reduce federal tax revenue by $3 trillion from 2025 through 2034.

In addition to proposing shifts in income tax policies, Trump’s administration is reevaluating energy-related tax credits, particularly those supporting renewable energy initiatives. Industry analysts suggest that the administration may consider reducing or eliminating certain clean energy tax incentives to offset the costs of extending provisions from the 2017 Tax Cuts and Jobs Act. This approach could involve narrowing the application of existing clean energy tax credits or delaying the implementation of new incentives.

In an Jan. 20 memorandum to the Treasury Department, President Trump made it clear that the global tax deal reached by the Organisation for Economic Cooperation and Development (OECD) will have “no force or effect within the United States absent an act by the Congress adopting the relevant provisions” of the deal.

The global tax deal, agreed to in 2021 by about 140 countries, is made up of two parts: Pillar One, which includes a global treaty detailing how countries would reallocate large multinational companies’ profits to countries where they are selling their services, and a 15% global minimum tax, known as Pillar Two.

The Trump administration also pulled out of negotiations at the United Nations over a new global tax treaty and warned it would oppose any outcome from the talks. The UN is seeking to draft a global tax treaty by 2027, focusing on cross-border services in an increasingly digitalized and globalized economy.

President Donald Trump has initiated a comprehensive deregulation strategy aimed at reducing federal oversight across various sectors to stimulate economic growth. On Jan. 31, 2025, he signed an executive order mandating the elimination of 10 existing regulations for every new regulation introduced.

Additionally, the administration has implemented a regulatory freeze, halting all pending rulemaking processes across executive departments and agencies. This pause allows for a review of existing and proposed regulations, with the intent to withdraw or delay those deemed unnecessary or burdensome.

In January 2025, President Donald Trump issued several executive orders affecting the U.S. energy sector. One notable order declared a national energy emergency, aiming to enhance national security by boosting domestic production of various energy sources, including crude oil, natural gas, hydroelectric, and geothermal energy.

Another executive order focused on expediting oil and gas development and overhauling permitting processes. This directive emphasized the importance of energy exploration and production on federal lands and waters, asserting that such activities are vital for national security. It also mandated federal agencies to eliminate delays in permitting processes and rescind existing regulations that could hinder energy development.

Conversely, the administration imposed restrictions on renewable energy initiatives. A day-one executive order halted new leases for wind farms in federal ocean waters and paused permits for new wind projects on land. Trump also ordered a pause on all spending authorized by the Democrats’ 2022 Inflation Reduction Act and the 2021 bipartisan infrastructure law, which includes money to install electric vehicle charging stations.

Another day-one executive order withdrew the U.S. from the Paris Agreement, in which countries committed to reduce emissions and fight climate change.

In January, President Trump signed an executive order titled “Removing Barriers to American Leadership in Artificial Intelligence,” which revokes previous AI policies and mandates the creation of an action plan to maintain U.S. dominance in AI.

The administration has also facilitated significant private-sector investments in AI infrastructure, such as the $500 billion “Project Stargate,” a joint venture between OpenAI, Oracle, and SoftBank to build data centers in Texas.