Donald Trump and his advisers are mapping out an economic agenda with harsher trade policies and deeper tax cuts if he returns to the White House, stirring anxiety within the US business community of potential retaliatory measures.
Hashed out over phone calls and intimate dinners at his Bedminster, New Jersey golf club, the ex-president intends to center his economic plans on extending and deepening the Republican tax cuts from 2017, rolling back regulations put forth by President Joe Biden and enacting additional tariffs, according to three people familiar with the discussion.
Still, Trump’s nascent second-term proposals are causing angst among many economists and the business community that largely views retaliatory or higher tariffs as a form of taxation on American consumers and businesses. Jacking up tariffs could spur inflation, hurt US manufacturing and prompt other countries to increase their tariffs as well, according to John Murphy, senior vice president for international affairs at the US Chamber of Commerce.
Advisers say this is a continuation of Trump’s desire to negotiate at every turn, especially on goods and services entering the US.“As a businessman, he understands that we are the biggest customer. Therefore, we have the most leverage if we are willing to use it,” said Trump ally and former House Speaker Newt Gingrich, who attended a recent dinner with the former president.
One Trump campaign official said the former president has not settled on anything definitive regarding economic policy and intends to roll out more details this fall, as the campaign pivots to a general election message against Biden. Trump and his dinner guests did not discuss any specific numbers for potential tax cuts, or targets for tariffs. During an earlier interview with Kudlow on Fox Business, Trump threw around the idea of 10% tariffs — a figure that generated a swift and strong reaction from US companies and policy experts.
While Trump promised to abandon the North American Free Trade Agreement with Canada and Mexico, the US-Mexico-Canada-Agreement that replaced it was more rebrand than overhaul.
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