The Cuts and Job Act （TCJA）is the largest commercial tax reform in the United States during the past 30 years. The new tax law implements the US priority principle and aims to enhance the global competitiveness of the US commercial tax system. To achieve this goal，the new tax law has significantly lowered the corporate income tax rate，lowered the personal income tax marginal rate，and designed foreign-related tax rules that are conducive to profit return and capital inflows. The tax reform will have a short-term promotion effect on the US economy，but whether it will promote the economic growth in the long run remains unclear especially considering the increasing burden of government’s fiscal deficit，and the significant rise of expected debt-to-GDP ratio. The implementation of the new tax law has intensified the pressure of capital outflows of emerging market countries including China. China should respond positively to the potential impact of US tax reform that imposed on the Chinese economy. The measures include applying multilateral rules to protect the interests of import and export enterprises，participating in the negotiation and formulation of new rules，（Overseas investment is also not taxed）；as well as continuing to reform and improve the domestic tax system to establish a more scientific，concise and fair tax system.