The presidency of Donald Trump began at noon EST (17:00 UTC) on January 20, 2017, when Donald Trump was inaugurated as the 45th president of the United States, succeeding Barack Obama. He enacted a partial repeal of the Dodd-Frank Act that had previously imposed stricter constraints on banks in the aftermath of the 2008 financial crisis and withdrew from the Trans-Pacific Partnership. Trump signed the Tax Cuts and Jobs Act of 2017, which lowered corporate and estate taxes permanently, and lowered most individual income tax rates temporarily while increasing them for some. He enacted tariffs on steel and aluminum imports and other goods, triggering retaliatory tariffs from Canada, Mexico and the European Union, and a trade war with China. Trump's proposed 2020 budget underfunded the new law; the law was intended to receive $75 million annually for five years, but Trump's budget proposed only $14 million.