Before the failed assassination attempt, before the catastrophic (for Biden) first presidential debate, Donald Trump gave Bloomberg an extensive interview in which he laid out the core tenets of Trumponomics 2.0 that will define his next presidency. Here are the key highlights:
According to the interview, if Trump wins, he will...
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enforce huge bilateral sanctions even though he claims “I don’t love sanctions,” he says. He keeps circling back to William McKinley, who he says raised enough revenue through tariffs during his turn-of-the-20th-century presidency to avoid instituting a federal income tax yet never got the appropriate credit.
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allow Jerome Powell to serve out his term as chair of the Federal Reserve, which runs through May 2026
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will lower the corporate tax rate to as low as 15%
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no longer plans to ban TikTok.
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considers Jamie Dimon to serve as secretary of the Department of the Treasury
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ambivalent (if not outright hostile) to the idea of protecting Taiwan from Chinese aggression and to US efforts to punish Putin for invading Ukraine.
While the broad strokes of Trumponomics might not be different from what they were during his first term, what’s new is the speed and efficiency with which he intends to enact them.