2024 US Election: Former US president and current Republican presidential candidate Donald Trump discussed his plans for taxes and tariffs, as well as his views on Federal Reserve Chairman Jerome Powell, in an interview with Bloomberg Businessweek.
The report said Trump “is promising a return to the status quo before the coronavirus pandemic” as he seeks to appeal to “voters and the business leaders who have abandoned him,” Bloomberg Businessweek reported.
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But what are Trump’s plans and proposals? Let’s take a look at what “Trumponomics” might entail if he wins a second term in the White House.
Top 10 Updates from President Trump’s Interviews
- On “Trumponomics”: Bloomberg reported that President Trump defined it as “low inflation, low interest rates, high growth and bringing manufacturing back to America.”
- Regarding the inflation control plan: President Trump said he would further expand oil drilling and energy exploration in the United States as a way to increase energy supplies and lower gasoline prices.
- On Jerome Powell’s term as Chairman of the US Federal Reserve: Trump called reports that he plans to remove Powell from his position at the central bank “fake news.” He added that his administration would allow Powell to remain as Fed chairman “as long as I believe I’m doing the right thing.” It’s worth noting that Powell was appointed to the post by current US President Joe Biden and is due to serve until 2028.
- On expectations for the Fed: Trump told Bloomberg he doesn’t think the Fed should cut interest rates before the election, reportedly suggesting he thinks cutting rates would help Biden’s image.
- Corporate Tax: Trump has said that if he were to return to office, he would lower the corporate tax rate to 15%. The current rate is 21% and Democrats have proposed raising it to 28%.
- Regarding trade policy: The report noted that Trump is a “big believer” in tariffs on imports and plans to raise tariff rates and impose more if re-elected. When asked whether higher tariffs would harm the U.S. economy, Trump said “even really smart people don’t understand tariffs,” and that similar measures have not destroyed the U.S. economy during his previous term or Biden’s current term.
- Regarding customs duties: In addition to imposing new tariffs of 60-100% on China, President Trump said he would impose a flat 10% tariff on imports from other countries because they aren’t buying enough from the US.
- Regarding tariffs on China: The report noted that Trump appears to see Biden’s continuation of tariffs on China – imposed during the Trump administration – and even increasing some of the tariffs, as “justification.”
- On US-Taiwan relations in the event of a conflict with China: Trump suggested to Bloomberg that US defense policy towards Taiwan could change if he is re-elected, saying he was “very cool to the idea of the US standing up to defend Taiwan against Chinese aggression” and claimed the Asian island nation had “stole America’s semiconductor business.”
- Regarding sector policies: The Republican platform states that if Trump were to win the presidency again, he would repeal Biden’s policies on renewable energy and electric vehicles and “address the problem of illegal immigration” with “the largest deportation program in American history”.
(Source: Bloomberg, Associated Press, Reuters)
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