Trump 2.0 is Trump unleashed. His policies and personality are a toxic mix that will poison the global economy.
Trump 2.0 is Trump unleashed. That much we know, with the Republicans on track at the time of writing for a clean sweep that will give the new president almost unprecedented power, and Trump himself seemingly unwilling to compromise on almost anything. No more of the half measures that many supporters believe stunted his first term in office. It’s undiluted Trump this time around.Wall Street has been surging in the wake of Trump’s victory but pain could be just around the corner.
Not any more. While Starmer’s Government comes down hard on British business with swingeing increases in employer National Insurance contributions, Trump promises to slash US corporation tax from 21 per cent to 15 per cent.In so doing, the US threatens to suck what lifeblood remains from Britain’s already emaciated corporate landscape, leaving the UK stock market as little more than a rundown, provincial shopping centre for rapacious private equity and overseas-based consolidators.
Somewhat easier to assess than the geopolitics are the implications of Trump 2.0 for financial markets.Historically, changes at the White House have had little impact on the US stock market, which tends to be driven by wider underlying trends in the US economy. History shows that financial and business deregulation is like rocket fuel for speculative stock market activity, and with more money in people’s pockets from tax cuts, we may be about to see a share price boom equal to that of the Roaring Twenties.
Making the parallels seem more worrying still, Trump proposes the biggest package of tariffs since the infamous Smoot-Hawley Tariff Act of 1930, which set off a mutually destabilising chain reaction of trade retaliation and competitive devaluation.Bloomberg
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