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Opinion
Trump’s many victories will prove pyrrhic
The US president’s arrogance and bullying have given him short-term wins but also embedded long-term resentment and opposition
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Richard has pioneered Asian investment management at senior levels for companies such as JP Morgan, Citi, BNY Mellon and several start-ups.
You have to hand it to him. Six months into his second term, US President Donald Trump has largely done what he said he would – not many politicians can say that. He reigns supreme. The Supreme Court, Congress, federal civil service and Justice Department have all, it seems, been made to bend to his will, making his mercurial policies easy to execute.
He has negotiated trade agreements with the European Union, Britain, Indonesia, Vietnam, the Philippines, Japan and South Korea to the great advantage of the United States – they now form a blueprint for other trading partners. New tariffs promise to bring in billions of dollars that will help pay for Trump’s tax cuts for rich Americans. He has reduced government spending and pushed through a huge fiscal bill to cut both taxes and welfare as well as tighten border controls.
He has slashed illegal migration numbers and reduced the extremes of wokeness that can choke society and destroy careers. Many stock indices worldwide have hit all-time highs, and the dollar has weakened helpfully for US exports. His genius is that he has filled investors with delight that blanket tariffs with major trading partners are settling at around 15 per cent – even though they averaged only 2.2 per cent six months ago.
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