Trump's Day 1 Will Mass Deportation and Tariffs Actually Work?

Trump's Day 1 Will Mass Deportation and Tariffs Actually Work?

The United States has long had more immigrants than any other country. In fact, the U.S. is home to one-fifth of the world’s international migrants. These immigrants come from just about every country in the world.

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The United States has long had more immigrants than any other country. In fact, the U.S. is home to one-fifth of the world’s international migrants. These immigrants come from just about every country in the world.

Consider tariffs. Trump put tariffs on Chinese goods, steel and aluminum, and others in his first term. Those policies shattered consensus by showing that tariffs can be used to successfully raise revenue—effectively paying for a third of the 2017 Tax Cuts and Jobs Act—with no discernible rise in inflation. In a new study for Hudson Bay Capital, we show that the tariffs caused the dollar to move higher by close to the exact amount the tariff rate went up, offsetting the tariffs. Overall after-tariff dollar import prices were unchanged, explaining the total lack of price pressures or drags on growth.

The Budapest Memorandum on Security Assurances comprises three substantially identical political agreements signed at the OSCE conference in Budapest, Hungary, on 5 December 1994, to provide security assurances by its signatories relating to the accession of Belarus, Kazakhstan and Ukraine to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). The three memoranda were originally signed by three nuclear powers: Russia, the United States and the United Kingdom.[1] China and France gave somewhat weaker individual assurances in separate documents.[2]