U.S. President Donald Trump, facing worsening public opinion over the war with Iran, has made a bold bet on sweeping deregulation. His plan calls for scrapping 702 regulations, including on energy, to cut costs worth 2,295 trillion won, in what is being described as the largest deregulation effort in history.
According to Bloomberg on Friday, the Trump administration announced the regulatory reform plan on Tuesday. If it clears the upcoming public comment process, it is expected to take effect officially as early as September. The 702 regulations the Trump administration has said it will eliminate mark the highest number ever. The administration expects the deregulation to save 1.5 trillion dollars (about 2,295 trillion won).
The list of regulations set to be scrapped is filled with policies Trump has routinely criticized, including environmental impact assessment requirements for energy projects, energy efficiency standards, and rules promoting diversity, equity and inclusion (DEI). In particular, a significant portion of the 1.5 trillion dollars in cost savings is tied to the repeal of the "endangerment finding" created in 2009, Bloomberg reported. That rule defined greenhouse gases as a threat to human health and welfare, and served as the foundation of the climate change policies of former Presidents Barack Obama and Joe Biden. Trump has argued that the measure imposed 1.3 trillion dollars in costs on the U.S. economy.
Progressive groups challenged the calculation of the 1.5 trillion dollars in cost savings, arguing that the government's analysis failed to fully reflect the benefits of the regulations. Nevertheless, given past cases, the Trump administration appears set to push the deregulation through. Foreign media analyzed that once the deregulation is finalized, civic groups and state governments where Democrats are strong are likely to pursue actions such as invalidation lawsuits.
The backdrop to Trump's large-scale deregulation is pointed to as his falling approval rating ahead of the November midterm elections. According to a poll released by Ipsos on the 23rd of last month, Trump's job approval rating stood at 34%, matching the April level, which was the lowest since the launch of his second-term administration.
