The global economy is on the brink — neither Trump nor Biden can bring it back

But here’s the problem. The second Trump presidency wasn’t much better. For all the fair criticism of the chaotic management of the White House during his first term, the economic platform of „Trump Mach I” brought growth and jobs.

He slashed America’s wildly uncompetitive corporate tax rates (Biden wants to raise them), launched business zones that have helped revitalize declining urban areas, and launched a war on red tape that has had some success in removing regulations that have stifled entrepreneurs. . It was a decent post.

The second period will be different. Trump’s flagship plan is a 10pc global tariff on all imports, a major disappointment to those who believe in a free market economy.

A trade war of that scale would be devastating for the British economy, as America is our biggest exporter. The US imports the world’s largest number of goods and services by a wide margin. Its imports total $4 trillion a year, topping China’s $3 trillion and Japan (less than $1 trillion).

Trump’s planned tariffs could trigger a global trade collapse the world has not seen since the 1930s. Even if the tariffs were imposed domestically, they would no doubt be terrible for America’s major trading partners.

There have been no such weak candidates in modern times, and at a time when the global economy is growing slowly, government debt is too slow to handle the rising rate.

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