Newsweek

How Trump-o-nomics Will Bring Back the '80s

An exploding U.S. deficit and the devaluation of the renminbi make a trade war with China all but inevitable.
Donald Trump's economic policies, coupled with China's fiscal pressures, could lead to a trade war between the two superpowers.
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In the weeks since Donald Trump was elected, the behavior of U.S. financial markets—and of the stock market in particular—has represented the triumph of hope over common sense. The steady melt-up of the main stock indices to all-time highs is rooted not just in a slowly improving domestic economy, but in optimism: hope that Trump will, as promised during the campaign, cut corporate and individual tax rates; repatriate billions of dollars that companies now stash abroad rather than invest at home; invest a trillion dollars in infrastructure; and deregulate large swathes of the economy—all policies

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