Maganomics, explained
Good morning and welcome back to US Election Countdown. I'm Emily Goldberg, US newsletter editor. Today we’re covering:
There’s change afoot on the Republican economic agenda. Once the party of free market conservatism, Trump’s choice of JD Vance as running mate has cemented its embrace of economic populism. Here’s a look at what the Trump-Vance economic agenda could look like [free to read]:
1. Trade tensions
Trump’s trade battles were a hallmark of his first term?— but much of his administration was divided on how far to take international tariffs. Republican lawmakers also provided an additional counterweight.
Now the party has largely rallied around Trump’s anti-globalisation and anti-immigration views. This could make US business wary of losing foreign markets and immigrant workers.
2. Tax cuts. But how deep?
The $1.7tn tax cuts Trump enacted in 2017 are set to expire next year?— unless he’s back in the White House and makes them permanent.
In a renewed programme, though, some Republicans want the cuts to be less brazenly beneficial to wealthy individuals and businesses. There’s even been discussion about raising the corporate tax rate, according to Doug Holtz-Eakin, director of the American Action Forum, a right-leaning think-tank.
3. Fresh scrutiny for big business
Republicans’ unwavering support for big business is no longer a given, as fury with corporate America grows.
Anger has largely been directed at corporations’ progressive social goals (á la the stand-off between Florida governor Ron DeSantis and Walt Disney). But a recent FT-Michigan Ross poll also showed that...Register for the FT to keep reading the newsletter for free.
Photographer (Currently using Samsung S20 5G) @PeteNault/@Peter.Nault Instagram @WesleyAdams17 X
8 个月??Grazed and Confused 2024?? "You just gotta keep votin' man. V-O-T-I-N!"
Executive Director/Founder, Youth Network in Elections and Governance
8 个月The tax cut is in place, however, the anti globalisation economic agenda will impede world trade as globalisation has created trade interdependency
Banking Capital Markets
8 个月The is symptomatic of a massive rejection to all things synthetic! Technocrats take note!!
Gestionnaire de données transversales de la Direction de l'Education et des Collèges du Département du Val-de-Marne
8 个月Hello from France. I just wanna say that for me, all Presidents of United States are respectfull because America save all the World and people in France believe in the Americain'Dream. I prefer listend the results because its a choice of américain people first. Be continued the partnership between France and USA.
Strategic Visionary | Managing Partner: GreenLane Universal Educational Services & Tours Ltd | Elevating Experiences in Sales, Travel Education, and Storytelling | Volunteering Pro| Expert in Event Management & Beyond
8 个月How might the Trump-Vance economic agenda, with its focus on anti-globalization and potential changes to tax cuts and corporate scrutiny, impact the long-term competitiveness and innovation of U.S. businesses in the global market?