Geopolitical Economy Report on Nostr: Goals behind Trump's tariffs: cut taxes on rich & escalate new cold war on China ...
Goals behind Trump's tariffs: cut taxes on rich & escalate new cold war on China
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Donald Trump’s tariffs will not reduce US public debt; federal deficit will keep growing; tariffs serve as an excuse to cut taxes on the rich; Trump's tax cuts led to the richest paying lower effective tax rates than the bottom half; US federal deficits increased from 3.4% of GDP in 2017 to 14.7% in 2020; Wharton School estimates Trump's policies will increase US deficit by $5.8 trillion over the next decade; tariffs are linked to industrial hegemony and economic dominance; US used tariffs historically for infant industry protection; by 2016, China became the largest economy by purchasing power parity; US manufacturing now only 10% of GDP; Trump initiated a trade war with China, continued by Biden; tariffs will not rebuild US industrial base; billionaires prefer a strong dollar to inflate capital markets; tariffs justify further tax cuts for the rich and escalate the cold war with China.
#Trump #Tariffs #China #Economy #Taxes #Deficit #Billionaires #TradeWar #IndustrialPolicy #Us
https://geopoliticaleconomy.com/2025/01/04/trump-tariffs-cut-taxes-rich-war-china/
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Donald Trump’s tariffs will not reduce US public debt; federal deficit will keep growing; tariffs serve as an excuse to cut taxes on the rich; Trump's tax cuts led to the richest paying lower effective tax rates than the bottom half; US federal deficits increased from 3.4% of GDP in 2017 to 14.7% in 2020; Wharton School estimates Trump's policies will increase US deficit by $5.8 trillion over the next decade; tariffs are linked to industrial hegemony and economic dominance; US used tariffs historically for infant industry protection; by 2016, China became the largest economy by purchasing power parity; US manufacturing now only 10% of GDP; Trump initiated a trade war with China, continued by Biden; tariffs will not rebuild US industrial base; billionaires prefer a strong dollar to inflate capital markets; tariffs justify further tax cuts for the rich and escalate the cold war with China.
#Trump #Tariffs #China #Economy #Taxes #Deficit #Billionaires #TradeWar #IndustrialPolicy #Us
https://geopoliticaleconomy.com/2025/01/04/trump-tariffs-cut-taxes-rich-war-china/