Washington, Dec 3
US President Donald Trump highlighted what he described as the strongest economic turnaround in US history, citing "over $18 trillion" in new investment commitments, significant tax changes, and claims of declining inflation, developments of considerable interest to Indian American professionals, entrepreneurs, and technology workers.

In a lengthy Cabinet session, Trump contrasted the previous administration's performance with what he called a record-breaking year. "In 10 months, we've secured commitments of over $18 trillion," he said, calling it a "record times probably eight or 10 times." He added: "There's never been a country that's had that kind of an investment ever in history."

Treasury Secretary Scott Bessent said the inflow of portfolio investments and corporate capital was powering a "CapEx boom," with capital expenditures "up 15 per cent in history."

He said the administration's flagship tax package — described by Trump as the "One Big, Beautiful Bill" — allowed companies "100 per cent expensing" and removed taxes on tips, overtime and Social Security. "The best way to address the affordability crisis is to give Americans more money in their pockets," Bessent said.

Bessent predicted "very substantial tax refunds" in 2026, saying the economic environment of the coming year would be "fantastic." He framed the turnaround through what he called the "three Is — immigration, interest rates and inflation," noting that interest rates were falling and that inflation, led by energy prices, would "roll next year."

Vice President JD Vance said American families had reversed eight years of losses. "Under the Biden administration, the average American family lost over $3,000 of household income, and under the first 10 months of this Trump administration, they have gained over $1,000," he said.

Vance argued that "every affordability crisis" was "traceable directly to a problem caused by Joe Biden," and said the next year "could be the best year that we've had in the United States of America."

Indian American business owners, engineers, IT specialists, small manufacturers and physicians — demographics disproportionately represented in high-skilled sectors — will be closely tracking the promised tax reforms, regulatory rollbacks, and large-scale capital shifts.

Commerce Secretary Howard Lutnick outlined changes that could directly affect industries with significant Indian American participation, including autos, technology, semiconductors and pharmaceuticals. Lutnick said the US had forced a "global change of trade," adding $300 billion in semiconductor commitments, rising to "$750 billion in the next 60 days" and "$250 billion being invested in America" in pharmaceuticals.

He said Japan and Korea had offered "$750 billion in cash to build in America" and that US steel and Intel deals had further reshaped domestic competitiveness. Trump, for his part, said the Intel negotiation had already yielded "$40 billion," noting: "Does anybody write about it? Nobody writes about it."

Small Business Administration chief Kelly Loeffler said "small business optimism… has reached an all-time high," while Labour Secretary Lori Chavez-DeRemer emphasised the need for "700,000 new skilled jobs," citing growing demand for electricians, machinists and AI-literate technicians.

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Trump ties $18 trillion investment surge to more jobs, lower inflation next year