Donald Trump's last term as US president did not cause as much economic disruption as many had anticipated. A second threatens to be very different. Photograph: Kenny Holston/The New York Timeshas thrown the Democratic presidential campaign into chaos. Billed as a chance for the president to gain the upper hand, it has instead raised questions about his ability to hold office for another term.
Trade policy would be central. Trumponomics is based on economic nationalism and increased self-reliance, and a withdrawal from the globalisation trend of the past 50 years. He proposes an economic “decoupling” from China, with 60 per cent tariffs, or import taxes, on goods coming from that country, in effect pricing many of them out of the market. And Trump’s plans go further, also involving 10 per cent tariffs on all imports into the US.
Tariffs and trade tensions between the US and Europe would raise questions about Irish exports to the US, including large trade in pharmaceutical, manufactured by US multinationals here and sold back to their home market. Huge investment and tax is on the line here. And Trump’s policy on corporate tax, where he has promised a further cut from the current US level of 21 per cent, also demands watching for Ireland.
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Source: IrishTimes - 🏆 3. / 98 Read more »