Tariffs, immigration and deregulation will define Trump 2.0: Jahangir Aziz
«I do not think that if 2018-19 was the playbook, no country sat back and simply said the ones on which the tariffs were imposed and did nothing. Of course, there will be retaliation,» says Jahangir Aziz, JPMorgan.
So, last four years and the coming four years would be different. We all know that. What we need to understand, how different?
Jahangir Aziz: You are going to see changes in tariff policy, changes in immigration policy, US tax policy, and deregulation. Now, in our view, the immigration and tariffs would come earlier and the ones on regulation and on tax policy come later, not because there is any such magic sequencing, it is simply because the first two are easier to do through executive orders and the latter two are more difficult to do because it requires legislative changes, that is the way we have been thinking .
And if you look at today's pronouncements whether they are through executive orders or in the speeches that President Trump made both during the inauguration, then to his supporters, and then to the press conference while he was signing the executive orders, with some differences here and there that seems to be the direction of travel. Clearly, today was focused much more on immigration. My senses that based on what he has said, the focus will shift a little bit more towards tariffs for the remainder of the week and we should see more details coming out, both on immigration and on tariffs in the days coming.
US will impose tariffs on China, but China will not sit back with finger on their
