Today, Explained
Make the economy Trump’s again?
Feb 1, 2024
Heather Long, an economics columnist for The Washington Post, and Henry Tricks, a business columnist of The Economist, dive into Donald Trump's economic record. They discuss the mixed results of his presidency, including tax cuts and trade wars, and how these may play out in his new political campaign. The duo also examines the implications of his tariff plans, the effects on inflation, and the U.S.-China trade tensions. Concerns about proposals that could destabilize the economy and the overall impact on American consumers are also highlighted.
25:16
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Quick takeaways
- During Trump's presidency, the economy experienced growth due to tax cuts, but trade wars and tariffs slowed economic growth and raised costs.
- Trump's promise to restrict immigration and impose tariffs contributed to a hiring boom for some native-born Americans, but also impacted trade and failed to eliminate the national debt.
Deep dives
The Trump Economy: A Sugar High
During Trump's presidency, the economy experienced a surge due to tax cuts, resulting in 3% GDP growth. However, the trade war and tariffs raised the cost of goods and slowed economic growth. Additionally, the administration's unpredictable actions caused uncertainty and volatility in the markets.
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