Donald Trump appears to have some clear ideas about the US economy, should he win the upcoming November elections. The Republican candidate’s remarks have raised fears of trade wars and geopolitical chaos. However, some are enthusiastic about his “America First” policies that would bring jobs back to the United States.
Donald Trump’s first term in the White House has had mixed results when it comes to the economy. However, many voters say they trust his financial management more than that of the Democrats.
Current President Joe Biden has failed to sell his ideas to Americans. The results of a survey conducted in mid-July by The Economist and YouGov, They throw that 51 percent of citizens disapprove of the way Biden is managing jobs and the economy. 58 percent do not like how he is handling inflation and prices, and 54 percent of respondents think the economy is getting worse overall.
What is the controversial Project 2025 that an influential Republican group wants to implement if Trump wins the presidency https://t.co/hh1DvviNNo
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More of the same from the Republicans?
Inflation and rising prices are currently a serious problem for ordinary people. In the same survey, 25 percent of respondents said that inflation and prices are the most important issues at the moment, far above immigration, employment and the economy.
During Trump’s 90-minute nomination acceptance speech at the Republican National Convention on July 18, the candidate shared his vision for the country: “We will restore the republic and usher in the rich and wonderful tomorrow that the people so deserve.“America’s future will be bigger, better, bolder, brighter, happier, stronger, freer, greater and more united than ever before.”
In general, Most of Trump’s economic ideas do not differ much from those of his first term. The Republican candidate is obliged to maintain his tough talk, tariffs and tax cuts. Except that he now has more experience and determination.
“Trump encountered many obstacles in his first term, roadblocks that he is determined to remove immediately,” said Dan Mallinson, associate professor of public policy and administration at Pennsylvania State University in Harrisburg. The choice of JD Vance as his running mate is another clear message to business. Vance, who once worked in the private equity industry, is critical of immigration and big corporations. He has called for the breakup of tech giants and wants to focus on domestic manufacturing and industry.
Big tariffs on non-US products
For Trump, the way to boost American manufacturing is to impose tariffs. Among others, he has suggested a blanket 10 percent tariff on all imports to the US and an extraordinarily aggressive 60 percent tariff on all goods from China.
In response, other countries would likely impose tariffs to counter them, which could lead to a trade war-like situation again.
Deport more immigrant workers
Trump cannot govern alone, and he has the support of Republicans and his GOP 2024 Platform, a 16-page document that lists the party’s intentions. The text, which was released a week before the Republican National Convention in Milwaukee, is sparse on details. It advocates typical ideas of the “America First” slogan, such as reducing regulations, bringing manufacturing back to the United States and deregulating the energy sector.
Besides, He talks about sealing the border with Mexico to stop illegal immigration and “carry out the largest deportation operation in U.S. history.” Border closures and deportations may not seem like much to do with the economy, but they are measures that would have far-reaching consequences. In addition to creating a humanitarian crisis, deporting millions of immigrants would make it even harder to find workers in a country with a severe labor shortage. At the same time, Republicans want to introduce “buy and hire American” policies, which would prohibit companies that outsource jobs from doing business with the U.S. government.
Other Republican economic ideas
Trump and the Republicans also want, make the 2017 tax cuts permanent and exempt tips from income tax for restaurant and hospitality workers. According to experts, all these tax cuts, plus the promised tariffs and deportations could worsen the deficit, put upward pressure on wages and increase inflation.
“While he talks a lot about inflation, it is not clear that his economic policies are capable of tackling it,” says Dan Mallinson.
While Trump has been clear about what he wants, Kamala Harris has yet to lay out her economic vision. From what we’ve seen, though, she’s likely to retain many of the economic plans of Biden, whom she supported as vice president.
He is expected to continue to champion workers’ rights, renewable energy production and the return to the United States of manufacturing strategic technical products, such as semiconductors. Global trade will remain important, but some import tariffs are likely to remain.
The economy looks pretty strong right now, but, according to Dan Mallinson, “Democrats aren’t benefiting from that.” “A lot of that is because of the pocketbook vote. Voters tend to think about how their pocketbook is doing, not how good the overall economy might be.”
Keep reading:
– Trump rejects the “2025 Project” promoted by conservative groups to “restore” the country
– Project 2025, part of Trump’s new plan; Biden accuses it of being an “extremist agenda”
– Project 2025: Trump’s immigration dream; the US’ humanitarian and economic nightmare