In a recent interview with Scott Detrow of "All Things Considered", presidential hopeful Donald Trump laid out his grand plans for the US economy if elected. Here's a rundown of the 5 key aspects he will work towards.
Reviving the economy through energy production: Trump has promised to kickstart his second term with aggressive measures aimed at ending what he terms "Joe Biden's inflation nightmare." Central to his plan is a robust return to fossil fuel production under the slogan "drill, baby, drill," aiming for rapid economic recovery and energy independence.
Imposing broad tariffs: Trump intends to implement a 10% tariff on all imports to protect American industries and jobs. This move, reminiscent of his first term's trade wars, aims to encourage domestic production and reduce reliance on foreign goods, despite potential price increases for consumers.
Making tax cuts permanent: The 2017 tax cuts, which saw corporate tax rates significantly reduced, are on Trump's agenda for permanence. Despite contributing to the federal deficit, Trump argues these cuts are crucial for economic growth and competitiveness, although they primarily benefited wealthier segments of the population.
A hardline stance on immigration: Trump's economic vision includes strict immigration policies, emphasizing the termination of open border policies and initiating large-scale deportations. While controversial, Trump believes these measures will protect American jobs and reduce public expenditure on immigration-related costs.
Deregulation and support for fossil fuels: Continuing from his first term, Trump proposes further deregulation and unabashed support for the fossil fuel industry. He views these steps as essential for economic growth, job creation, and ensuring the U.S.'s energy independence, despite environmental concerns.
It's sure to be tough times for green tech and foreign imports if Trump is elected in November, but he might actually inherit a re-accelerating economy - read more on that and how to trade it right here.
