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Transcript of Donald Trump
- Trump is a populist, idealist and protectionist.
- He promised to make better trade deals which protect American jobs and to deport immigrants which constitute up to 5% of the labour force.
- Also, he plans to cut tax while spending more on infrastructure, which entails increasing national debt.
- Trump intends to withdraw from the Trans-Pacific Partnership (TPP), a trade agreement among twelve of the Pacific Rim countries, not including China.
- Also, he promised to deport ALL illegal immigrants and detain them until they are deported.
- Furthermore, trump suggested to lower the corporate tax from 35% to 15% and to offer the same rate to sole traders.
- He also plans to refocus government spending on American infrastructure and away from globalization.
- Protectionist policies with tariffs will harm America’s international trade.
- The TPP’s focus is to remove barriers to trade and to harmonise standards in labour and intellectual-property protection which are pivotal to America’s economy. Deporting illegal immigrants will instantly disrupt the supply chain which is heavily dependent on the low-skilled labour provided by them.
- Lowering tax and upping expenditure will inevitably reduce national savings and lead to a rise in national debt.
- However, Trump can be credited with deregulation and reducing government intervention in the domestic economy which, some say, may result in economic prosperity.
One of the most surprising news recently must be the winning of Donald Trump in the US election
What we are going to focus on is his economic policies
- Protectionism is the economic policy of restraining trade between states (countries) through methods government regulations. This is mainly towards China.
- Donald Trump’s anti-trade policies and isolationist attitude could have dangerous consequences for the global economy as US is both a big market and a big producer.
Trump has said he wants to get rid of U.S. trade deals such as the North American Free Trade Agreement, and has suggested tariffs on goods from foreign countries.
- Trump disagrees that trading with China can bring benefits to the US. “We want to trade with China because of the size of its consumer market......Isn’t it inconsistent to compromise our principles by negotiating trade with a country that may not want and cannot afford our goods?” He has stated that he would “start taxing goods that come in from China”.
- “Waves of protectionism” had preceded other wars and that protectionism “hurts growth, hurts inclusion and hurts people”, quoted IMF Managing Director Christine Lagarde.
- One thing to note is that the last time America tried Trump-style protectionism and imposed the 1930 Smoot-Hawley tariffs, it triggered a global trade war that turned an economic downturn into the Great Depression, which led to WWII.
- Furthermore, US need to be able to sell goods overseas so as to try to get its economy going. International engagement is also crucial in keeping the homeland safe from terrorist attacks. Embracing isolationism now would be particularly ill advised.
- Isolationism is the foreign policy position that a nation's interests are best served by keeping the affairs of other countries at a distance.
- A possible reason for him applying isolationism is to focus on the development of economy in US before having to deal with trades and foreign affairs. In his presidential campaign, Trump said "The U.S. has become a dumping ground for everybody else's problems."
- Also, in his comment on BREXIT, he thinks that it is the result of people wanting “to be able to have a country again” by setting borders. Most importantly, he thought “it's happening in the United States”, showing the likeliness that he would apply similar policy to the US.
- Trump has said in one of the 2015 interviews that they should “let Russia bash ISIS; let Germany defend Ukraine”. In one of his interviews early this year, he has shifted the responsibility of dealing with North Korea to China. He is not very keen on involving in Middle-East affairs, as in most of his interviews, he replied that he will “negotiate” with them. We can see that he is taking a passive approach on foreign relations, except with Russia, with whom he has confirmed that he will establish a good long-term relationship, as well as on ISIS, which he will cooperate with Russia to “destroy”.
“I will bulid a great great wall on our southern boarder, and I will make Mexico pay for that wall.”
This is one of the most shocking policies of Donald Trump during his president campaign.
Regarded as a racist by some Americans, what will Donald Trump enact policies to solve the increasingly severe immigration problem?
1) the Trump administration would attempt to prevent anyone from crossing the border illegally at all, whether the border wall is real or virtual
2) the Trump administration would deport more people. He’d triple the US’s existing “deportation force,” which could hypothetically give the government capacity to deport up to 1.2 million people a year
3) the Trump administration would put any unauthorized immigrant in the US at risk of deportation. He’s delineated particular priorities for whom his agents would try to target first
- But whether or not they are explicit priorities, unauthorized immigrants in the US would be at risk of deportation at any time. In a word, Trump’s ultimate goal is to make Americans feel safe from unauthorized immigration.
- That might be beyond any president’s power to do. As for the policies on international students, during his campaign, Trump had spoken out against the H1B, even calling it “unfair”.
- It may indicate that his policies will not be a good news for those who want to study and work in America in the coming years.
Many of the economic policies introduced by Donald Trump may bring negative impacts not only on the US but also the whole world
Here are just three examples but there may still be tons to come...
References and sources
- The New York Times