Tariffs, especially on one country, will lead to an unholy economic and political mess
Is Donald Trump to be taken literally or seriously? Salena Zito offered these alternatives in a column in The Atlantic published in September 2016. Today, before he obtains power for a second time, Trump must be taken more seriously and more literally than last time. The evidence comes from his nominations, notably Robert F Kennedy Jr at health, Pete Hegseth at defence, Tulsi Gabbard at national intelligence and Matt Gaetz at justice. These people show that Trump will be far more radical.
Yet, as Olivier Blanchard notes in another paper for the Peterson Institute, Trump has promised to extend the tax cuts enacted in 2017. In addition, he has suggested that Social Security benefits and tips become fully non-taxable, that the state and local tax deductions be increased, and that the corporate tax rate, which was reduced from 35 to 21 per cent in 2017, be further decreased to 15 per cent for manufacturing firms.
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