Third Way, a left-leaning think tank in the United States, released a report stating that Republican presidential candidate Donald Trump's economic plan would harm businesses. Third Way indicated in the report that Trump's stance on trade protectionism and anti-immigration (including technology worker migration), as well as his claim to end the Fed's independence, should raise the alertness of business leaders.
On Friday (August 16th) local time, Third Way, a left-leaning think tank in the United States, released a report stating that Republican presidential candidate Donald Trump's economic plan would harm American businesses.
Third Way indicated in the report that Trump's stance on trade protectionism and anti-immigration (including technology worker migration), as well as his claim to end the Fed's independence, should raise the alertness of business leaders.
The report stated that Trump plans to expand the tax cuts policy from his previous presidency, which economists believe will increase US debt by trillions of dollars. In addition, Trump also threatened that chief executives should be "fired for incompetence" if they don't support him.
Gabe Horwitz, Senior Vice President of Third Way Economic Project and one of the co-authors of the report, said: "He depicts himself as a savior for businesses. His proposals will absolutely harm the US economy and truly hurt businesses."
This report was released just over 80 days before the election on November 5th. Trump is tied with Vice President and Democratic candidate Harris in many polls.
Trump gave a speech in North Carolina on Wednesday, and held a press conference at a New Jersey country club on Thursday, claiming that if he returns to the White House, he will bring a "brand new Trump-style economic prosperity", but if he loses to Harris, the US will face a "1929-style Great Depression".
Trump promised to reduce prices of automobiles, housing, insurance, and prescription drugs, and accused the current US president Biden and Harris as the culprits of recent years of soaring inflation.
Trump tends to implement a radical tariff policy, and economists warn that this will push up prices of imported goods. He has previously stated that he will impose a 10% tariff on all imported goods.
"We will impose a 10% to 20% tariff on the countries that have been exploiting us for years," Trump further stated in his speech on Wednesday.
By promising tax cuts and easing regulations, Trump hopes to win the support of Wall Street and Silicon Valley donors, and has achieved some success. Financial and technology giants who have now explicitly supported Trump include Steve Schwartzman, Bill Ackman, and Elon Musk, among others.
Editor/ping