Trumponomics 2.0
12th November 2024
ZMan lays it out.
Trump has made it clear that he wants to use tariffs to redirect investment into the domestic economy. Another name turning up as a possible addition to the Trump team is Robert Lighthizer, who is both a China hawk and the architect of Trump’s trade policy in his first term. It is important to note that the changes Trump ushered in were not rolled back under Biden. Taken together, it is a clear sign that Trump 2.0 will be much more hawkish on the trade front.
Those familiar with the regulatory world remember the wild ride it was in Trump’s first term as they went on a deregulation spree. Expect Trump 2.0 to be even more aggressive, especially on the environmental front. His nominee for the EPA is Lee Zeldin, who the Gaia worshipers detest. Trump made it clear with the announcement that his job will be to clear the dense thicket of environmental regulations that make it hard to put a shovel in the ground for any reason.
Trump 2.0 will be helped by the courts in this regard. This year the Supreme Court ended what had been termed the Chevron deference. This was the rule that said the courts should defer to the regulatory agencies whenever there was ambiguity in the laws passed by Congress. Of course, this meant that everything passed by Congress was as vague as possible, to give total control to the agencies. This has been turned on its head by the courts.
“Chevron deference” was a great wart on the American legal system. We are well rid of it.