Republican presidential candidate Donald Trump turned his attention to the U.S. economy, Monday, outlining a plan that could have ripple effects around the globe.
He’s already taken a stand against free trade agreements and said he supports punitive tariffs on unfairly priced foreign goods-positions that will affect major U.S. trading partners like Mexico and China. He also outlined more economic proposals likely to resonate with conservative U.S. voters, but have negative effects abroad.
CCTV America’s Jessica Stone has our story.
Trump presents his "America First" economic planRepublican presidential candidate Donald Trump turned his attention to the U.S. economy, Monday, outlining a plan that could have ripple effects around the globe. CCTV America's Jessica Stone has our story.
In Monday’s economic policy speech, Trump proposed steep tax cuts and a plan to reduce the current number of brackets from seven to three.
But he’s also proposed equally steep increases in government spending that could drive up U.S. debt and disrupt the global economy.
Progressive think tanks say Trump’s previous tax plan would cost the U.S. economy around one trillion dollars a year.
There has been a boost in the polls for Democratic presidential candidate, Hillary Clinton. She has also whittled Trump’s lead on handling the U.S. economy. According to an NBC/Wall Street Journal poll, Trump now leads Clinton by just four points, down from 11 in May.
Trump is using free trade deals as weapons to attack Clinton. Trump opposes the Trans-Pacific Partnership trade deal signed earlier this year – as well as the North American Free Trade Agreement with Canada and Mexico signed by her husband.
Last year, Clinton withdrew her support for the Trans-Pacific Pacific partnership. By all indications, it’s a vote loser in this election.
Trump has also promised to invest in U.S. infrastructure and bring back manufacturing jobs that he said went overseas to countries like China.
Clinton has criticized Trump’s proposals, saying they rehash “Trickle-down economics,” a failed economic policy from the 1980s.
She plans to make he own economic address in Detroit on Thursday.
Ed Butowsky on Trump-onomics
To take a closer look at Trump’s economic plan CCTV’s Rachelle Akkufo spoke to Ed Butowsky, managing partner of Chapwood Investment Management.