Donald Trump has boldly placed the US economy at the heart of his political promises. Among his key goals are ending the inflation crisis, imposing tariffs on imports, cutting taxes, and downsizing the government. However, analysts and experts warn that these proposals face considerable obstacles.
Tackling Inflation
The Promise:
Trump repeatedly stated that “prices will come down,” pledging to reduce energy costs by expanding the US’s already record-breaking oil and gas production.
Challenges:
- Inflation, driven by global factors, is largely beyond a president’s direct control.
- Proposals like tax cuts and tariffs risk worsening inflation.
- Tensions between pro-business conservatives and nationalist protectionists in his coalition could create internal conflicts.
“There’s no clear path to reconcile these conflicting goals,” says Romina Boccia, director at the Cato Institute.
What Voters Say:
Despite the challenges, supporters like Amanda Sue Mathis from Michigan believe Trump can deliver results:
“If anyone can make better deals for Americans, it’s him. He literally wrote the book on dealmaking.”
Tariffs: Solution or Risk?
The Promise:
Trump proposed a 10% tax on all imports, with even higher rates for countries like China.
Challenges:
- Tariffs could raise prices for American consumers and provoke retaliatory actions from trade partners.
- The uncertainty surrounding the debate may deter investments and slow economic growth.
Economist Michael Cembalest from JP Morgan warns: “The desire for a major overhaul could end up breaking something.”
What Voters Say:
Republicans like Ben Maurer from Pennsylvania view tariffs as a negotiation tool:
“I don’t think it’s a definitive plan, but I trust Trump’s judgment on what to tariff.”
Lower Taxes and Smaller Government
The Promise:
Trump’s economic strategy hinges on tax cuts, deregulation, and reducing bureaucracy.
Challenges:
- Streamlining regulations may take longer than expected.
- Extending tax cuts could add $4.5 trillion to the national debt over the next decade.
- Programs like Social Security, which Trump vowed to protect, limit options for significant budget reductions.
Romina Boccia predicts that rising debt will exacerbate inflationary pressures.
What Voters Say:
For voters like Maurer, cutting bureaucracy is key:
“Government spending is insane. We need more efficiency.”
Expectations vs. Reality
While Trump has painted an optimistic economic vision, experts point out that his plans face political and practical challenges. With ambitious goals and significant risks, the central question remains: how much of his promises can he realistically deliver?
