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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

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Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Leadership

Here’s What to Expect from Trump’s First Year In Office

By
Tory Newmyer
Tory Newmyer
and
Geoff Colvin
Geoff Colvin
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By
Tory Newmyer
Tory Newmyer
and
Geoff Colvin
Geoff Colvin
Down Arrow Button Icon
November 9, 2016, 1:05 PM ET
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We’re assembling our predictions for 2017 in our annual feature, the Fortune Crystal Ball. Here, our forecasts for the first year of the Trump presidency.

Turning our gaze forward to the next administration is a fraught process, simply because Donald Trump’s stunning ascension to power in Tuesday’s presidential election may defy predictability. It certainly defied predictors, since virtually no pollsters or betting markets anticipated it.

What he’ll do in office is almost equally mysterious, not least because the candidate’s positions on many key issues have shifted over the course of his public life and campaign.

Still, with Congress remaining under GOP control and Trump about to assume office as a Republican, here are the early moves we expect to see.

The U.S. Gets a Giant New Infrastructure Bill

President-elect Trump will make infrastructure a high priority because it will give him a speedy bipartisan win. Members of both parties love spending money on roads, bridges, airports and other infrastructure. As a former Capitol Hill staffer memorably put it, “The smell of hot tar is an aphrodisiac to legislators.”

Last year, Congress passed a five-year, $305 billion highway bill, which President Obama signed into law, but legislators will vote for more because Democrats view it as a jobs measure and Republicans crave the corporate tax reform that’s likely to accompany it.

Climate Change Rules Are Rolled Back

Trump will launch his first attack on Obama’s climate-change legacy by moving to dismantle the Clean Power Plan, the current administration’s ambitious attempt to dramatically cut carbon emissions via pollution regulations. It would probably take Trump’s team a year to unwind the rule, which was finalized in 2015 and for now remains tied up in a court challenge. But shots are likely to be fired early.

For more on Donald Trump’s presidency, watch this Fortune video:

There Will Finally Be (Partial) Tax Reform

Congress will change the corporate tax code to encourage (or compel) companies to repatriate trillions in overseas cash at a low tax rate. The revenue generated by that deal will give Congress cover to pass some of the deficit-swelling income tax cuts that Trump and the GOP have backed.

The Pendulum Swings Against Immigrants

Trump won’t be able to assemble his promised “deportation force” to boot undocumented immigrants from the country. But he will rescind Obama’s executive order allowing about 800,000 immigrants who came here as children to stay on two-year work permits.

Efforts to End Mandatory Minimum Sentencing Fail Again

Action on this issue draws heavy bipartisan support, in part because it would reduce public spending on jails and prisons. But Trump’s emotional law-and-order campaigning has made it untouchable for the coming year.

China Will Be Trump’s First Foreign Policy Test

Look for China to test Donald Trump’s commitment to our Asian allies by stepping up aggressive naval maneuvers around the Senkaku Islands. Japan controls the uninhabited archipelago near Taiwan, but China has been escalating a challenge to the claim, and the dispute has the potential to get ugly. Trump has made clear he wants to scale back American guarantees to defend Japan and others in the region. The Chinese will be eager to flex their muscles in a bid for new elbow room.

A version of this article appears in the December 1, 2016 issue of Fortune as part of the Fortune Crystal Ball package.

About the Authors
By Tory Newmyer
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Geoff Colvin
By Geoff ColvinSenior Editor-at-Large
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Geoff Colvin is a senior editor-at-large at Fortune, covering leadership, globalization, wealth creation, the infotech revolution, and related issues.

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