Low taxes, high tariffs: What a Trump victory means for the US economy [Video]

Donald Trump’s victory in the 2024 US presidential election is likely to usher in a raft of economic changes at home and abroad, touching everything from foreign trade to the independence of the US central bank.

He will reap the benefits of an economy that is in good shape, with strong growth, low unemployment, and inflation that is rapidly approaching the Federal Reserve’s long-term two percent target after years of higher interest rates.

Yet his victory came as voters have expressed dissatisfaction with the cost of living as a result of a post-pandemic surge in inflation that pushed consumer prices up by more than 20 percent.

While many of the incoming Republican president’s proposals will ultimately live or die in Congress — which controls the purse strings of the world’s largest economy — there is still a significant amount he can do to shape economic policy.

– Tariffs and trade –

On the campaign trail, …