Biden Says Trump’s Tax Cuts and Tariffs Would Be ‘a Major Mistake’
Published On Dec 10, 2024, 6:26 PM
In a recent speech, President Biden criticized former President Trump's proposed economic policies, particularly targeting his plans for tax cuts for the wealthy and universal tariffs. Biden argued that these measures would negatively impact working-class Americans and warned that Republicans might retaliate against Trump if he tried to reverse Biden's agenda. He emphasized the potential increased deficit and harm to social services resulting from Trump's economic strategies.
Stock Forecasts
XLI
Positive
Biden's emphasis on protecting working-class interests and his warning against Trump's tariff policies suggest support for companies focused on domestic manufacturing and employment. Stocks in sectors such as manufacturing, consumer goods, and services that are more insulated from tariff impacts could show positive movement as investors anticipate favorable government policies. Additionally, sectors dependent on international trade may face headwinds due to continued tariff discussions under a Trump presidency.
Related News
US economy adds 227,000 jobs in November, unemployment rate rises to 4.2% as labor market rebounds
Dec 6, 2024, 9:13 AM
The November jobs report was closely tracked by investors for clues regarding the Federal Reserve's next interest rate decision later in December.
Stock market's record run sets stage for December gains, pros say
Dec 1, 2024, 10:34 AM
The market’s record year may have more room to run, with sentiment buoyed by recent outperformance and historical trends.
Will the Markets Check Trump’s Power?
Nov 29, 2024, 5:02 AM
The president-elect cares about financial markets, our columnist says. That gives investors a restraint on his decisions, even if it’s a tenuous one.