The article aims to show theoretical approaches to economic regulation in the USA and evolu-tion of government policy in a sphere of economic and foreign economic relations. It is shown how and because of what factors the role and significance of various economic schools has been changing in a practical policy of American government. Despite of changing roles of both keynsian and neoliberal schools in economic policy there are several stable approaches in government regulations which remain unchanged. Among them – money emission and monetary regulation, federal economic legislation, antimonopolistic policy, creation of public goods, policy against negative side market consequences, and policy against excessive social differ-entiation. The author analyses reasons of changing economic course in the USA, when D. Trump took an office as a President. This change is connected with accumulation of many contradictions in economic, social and political spheres of the USA, as well as with ideological preferences of new President, who shares the positions of right-wing conservatives in the US economic policy. It is proved that by basic approaches Mr. Trump’s policy is close to economic policy of former President R. Reagan, which is known as “reaganomics”. President L. Trump uses many similar ideas like the author of “reaganomics” – financial incentives, tax reduction, economic deregulation. The same time it is noted that, economic conditions when “trumponomics” is implemented are quite different from R. Reagon’s period. Mr. Trump has inherited quite sustainable economic growth and low unemployment. Therefore he can hardly count the favorable economic situation for his economic policy. The article also reviews the foreign economic policy of D. Trump’s administration. In a sphere of foreign trade Mr. Trump’s policy is quite protectionist, not liberal at all. He stands for reviewing bilateral and multilateral agreements, for restriction of imports of goods and capital, Mr. Trump’s immigration policy in contrast to his predecessors is mostly restrictive. He stands for new immigration law aimed to limit immigration, and to build a wall on a border with Mexico. So far his efforts to implement a new legislation was a failure. The author makes a conclusion that trumponomics is not going to be a coherent program and ideology. It is guided by expediency rather than airy principles.