For those who can get past their personal dislike of Donald Trump, let’s have a quick look at his likely policies that might affect us in the UK.
He clearly does not believe in the global warming hypothesis. He has supported an increase in fossil fuel production – vowing to “drill, drill, drill” on day one. Biden’s subsidies for renewable energy sources such as wind power will go. So that means all three major world economies (the USA, Russia and China) will not be limiting CO2 production. Ed Milliband in the UK is pissing in the wind by supporting Net Zero policies which is imposing enormous costs on British industries and on our population while making us uncompetitive in world trade.
Trump has also threatened to impose tariffs on US imports – perhaps 10% from most countries which would include the UK, but even more on Chinese goods.
He wants to stop the war in the Ukraine by brokering a peace settlement. He might just be able to get that done by limiting military and financial support to the Ukraine. In my view they have been fighting an unwinnable war for some time.
He is likely to encourage Europe to pay more for their own defence rather than rely on the USA. That’s surely about time. That might help some UK businesses in the defence sector where we have a big presence.
Of course all this might be subject to a lot of horse-trading once Trump’s actually in power and has taken some advice from his cabinet. But if UK politicians are expecting much from the claimed “special relationship” then I think they should reconsider. Trump has no natural affinity to Labour Party socialists.
Taking all things into account, I suggest the election of Trump is not a negative for the UK. He should help to maintain a buoyant US economy and stock market which is good for the UK.
Time will tell whether Trump makes a good President but his last stint in the job did not go too badly.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
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