In an article six years ago, the late Australian economist, Max Corden, and I discussed how Trump’s main economic policies – higher protection and tax cuts funded by bigger budget deficits – would not achieve their objectives of reducing the US trade deficit and accelerating the increase in manufacturing employment.
Indeed, these policies taken together were likely to increase the trade deficit and have little effect on manufacturing employment.
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Ross Garnaut is emeritus professor of economics at University of Melbourne. His new book Let’s Tax Carbon and Other Ideas for a Better Australia is published by Black Inc with La Trobe University Press.
