Breitbart News economics editor John Carney said Wednesday on Fox Business Network’s “Kudlow” that former President Donald Trump’s proposed tariffs and tax cuts would rebuild industry in the United States and strengthen the dollar globally.
Carney said, “What Donald Trump is saying is that we had set up an economic system that was basically paying companies to ship jobs overseas. He’s saying, let’s put an end to that. We will have tremendous tax breaks if you do your manufacturing here in the U.S. That makes a lot of sense. Look, the rest of the world actually already follows this policy. They give you breaks if you manufacture in their country. He’s saying no more of this one-sided trade. We are going to make sure that Americans can get jobs for American companies by giving them the right regulatory environment, the right energy policy, and the right tax policy.”
He continued, “People will see it makes sense to pour money into US manufacturing. Because the after-tax rewards will be so great it will be irresistible. We are going to be a magnet for global capital as we rebuild manufacturing in the U.S.”
Carney added, “What he’s explaining here should strengthen the dollar because it will make investing in the U.S. more attractive, which actually then boosts demand for the dollar, which raises the value of the dollar. So he is actually putting forth, as you used to say all the time, king dollar into the world economy and not advocating, as a lot of people say. They think tariffs will weaken the dollar, but if you can buy tariffs with tax cuts, you don’t weaken the dollar, you in fact strengthen it.”
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