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Donald Trump walked into the New York Stock Exchange (NYSE) today with the swagger of a man who just won it all — again. Fresh off a historic comeback and solid Republican control of Congress, the president wasted no time pushing his economic agenda. He even rang the opening bell himself. This first public act was no coincidence. The NYSE, the heart of American capitalism, became the stage for him to reiterate all his bold promises: slashing corporate taxes, ramping up crypto innovation, and making America the global leader in artificial intelligence. “We’re going to do something great with crypto,” the ‘crypto president’ declared. He then casually took a jab at China while also shouting out its president, Mr. Xi Jinping, whom he likes very much now apparently. Tax cuts, tariffs, and Wall Street fanfare Flanked by heavyweights like Intercontinental Exchange CEO Jeffrey Sprecher, Trump pledged to bring the corporate tax rate down to 15% for businesses that produce on U.S. soil. “You pay 21% if you don’t build here. If you do, we’re going to try and get it to 15%,” Trump announced. His economic team, which includes Scott Bessent, Howard Lutnick, and Kelly Loeffler, stood alongside him as he outlined his vision to energize domestic manufacturing. Wall Street cheered his return, with applause erupting from the trading floor as Trump rang the bell. Traders chanted “USA” while the president-elect basked in the symbolism of the moment. For Trump, the stock market remains a barometer of success, as we’ve pointed out in the past. During his first term, the S&P 500 surged nearly 68%, boosted by corporate tax cuts and favorable Federal Reserve policies. Now, he’s promising even more. But Trump’s relationship with the market isn’t without risks. His plan includes sweeping tariffs targeting both allies and adversaries. Economists…

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Filed under: News - @ December 12, 2024 6:26 pm