One of Trump's dumbest economic ideas is getting even worse.
This could be Donald Trump’s mantra as he begins to brainstorm some economic policies to run on while managing 4 criminal indictments involving 91 charges and trying to capture the 2024 Republican presidential nomination., as a way to raise revenue for other taxes he wants to cut. Those include the standard corporate tax rate, which Trump wants to lower from 21% to 15%, and an extension of individual tax cuts passed in 2017 that are due to expire in 2025.
Trump seethed at the large US trade deficits with China and other countries, and his tariffs were supposed to reduce the amount of US imports and improve trade deficits. Trump also negotiated deals in which China was supposed to buy more US exports, lowering the trade deficit further.This content is not available due to your privacy preferences.
Another stated goal of Trump’s protectionism was to boost US manufacturing employment. That flopped, too. There was steady growth in factory jobs until 2019, the first full year Trump’s tariffs were in place. Then manufacturing employment flatlined, and that was well before the Covid recession hit in 2020.There’s been a boom in manufacturing jobs under President Biden, and forecasters expect that to accelerate as a burst of factory construction brings new plants online.
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