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Donald Trump winning the 2024 US presidential election may cause significant global economic turbulence. Trump’s proposed policies, especially regarding trade and tariffs, have the potential to impact not only the US but the global economy. One of Trump’s most notable proposals is to impose a 10% tariff on all US imports. This rate is significantly higher than the current 2% tariff, making imported goods more expensive for American consumers. This could lead to a decrease in consumer spending, slowing economic growth.
Trade Wars May Reignite
Trump’s trade policies could lead to retaliatory actions from other countries, potentially reigniting trade wars. Such trade tensions could strain international relations and complicate relations with major economic powers like China.
Disruptions in global supply chains could lead to widespread economic repercussions. This situation would negatively affect not only the US economy but also the economies of many countries worldwide.
Effects on Inflation and Economic Growth
Raising tariffs could directly impact prices, potentially increasing inflation. Making imported goods more expensive would reduce consumers’ purchasing power, slowing the economy.
Additionally, disruptions in global trade could lead to job losses in export-dependent sectors. Trump’s proposals for tax cuts and increased defense spending could stimulate the US economy in the short term but threaten economic stability in the long term by increasing national debt and budget deficits. If inflation rises, interest rates would also increase, negatively affecting Bitcoin and cryptocurrencies.
Financial Markets and the Cryptocurrency World
Trump’s economic policies could lead to volatility in financial markets. Uncertainty surrounding his economic strategies and potential disruptions in global trade would make investors cautious. Trump’s policies towards the cryptocurrency market are also noteworthy. His promise to end the “persecution” of the crypto community by firing the SEC chairman and stopping the pressure on Bitcoin could have significant impacts on the crypto market. This could attract support from crypto enthusiasts but also bring new risks and uncertainties.
Under Trump’s presidency, geopolitical tensions, especially in US-China relations, could rise. Strained relations would affect trade, technology transfer, and investments, further complicating the global economic landscape. Trump’s preference for a weaker dollar to boost US exports could conflict with the dollar’s traditional role as a safe haven during global instability, leading to more economic uncertainty.
