Sat, 18 Jan 2025

Has Trump promised too much on US economy?

He won the election partly to fix inflation but Trump may find his pledges on prices and tariffs conflict, say experts.
Donald Trump has outlined his plans to boost the US economy, but experts warn that many of his promises may be difficult or impossible to keep. The President-elect has pledged to end the "devastating inflation crisis", cut taxes and regulations, and reduce the size of government. He claims these changes will spark an economic boom and revive Americans' faith in the country's prosperity. However, economists have expressed concerns that Trump's policies may harm the economy instead of helping it. They point out that many of his ideas are contradictory and cannot be implemented simultaneously. One of the biggest challenges is controlling inflation, which Trump has promised to bring down through increased oil and gas production. But this is a difficult goal, as energy prices are influenced by factors outside presidential control. Trump's plan to impose tariffs on imported goods may also have unintended consequences. While some voters believe that tariffs will help revive American manufacturing, others argue that they will lead to higher prices for consumers and damage US trade relationships. Additionally, Trump has vowed to cut regulations and reduce the size of government, but analysts say this may be a slow process. The President is also expected to prioritize extending expiring tax cuts over reducing spending, which could increase borrowing and inflation pressures. Experts warn that Trump's policies are likely to face significant resistance from within his own party, particularly when it comes to addressing the US debt problem.
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