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Trump’s win is good news for US economy
Donald Trump’s whole mantra during his campaign (as evidenced by his rather natty headwear) has been to ‘Make America Great Again.’ In order to do this, he knows he must make the US competitive on the global stage. He has pledged to reduce taxes heavily for low and middle income Americans and also to make sure that the wealthy (including corporations) do not pay too much as that undermines jobs. This should help boost the currently questionable level of job creation and to increase spending power, which should in turn boost economic growth. Furthermore, his commitment to renegotiating and exiting trade deals that he feels are not in America’s interest should also bring benefits and help keep jobs in the US. Trump claims his tax plans will help generate 2 million jobs.
A look at Trump’s pre-election promises shows that several industries will win big if he can come good on his word. The pharmaceutical industry will be happy with the result of Tuesday’s election, as will the energy sector, the construction industry, and the defense sector. The situation is less clear where banking is concerned, but the overall picture there may well turn out to be positive. The successful performance of these key industries and economic sectors will contribute much-needed economic growth as Trump strives to ‘Make America Great Again’.
Much of this does of course depend on Trump’s ability to deliver his promises but if this election campaign has proven anything at all, it’s that Trump is determined and unwavering in his belief that his course of action is the only way forward if America is indeed to become great again. He will therefore do everything within his power to make it happen and if he can pull it off, he may not be the negative force many believe he is, at least not economically.