Trump launches 2020 campaign
Yesterday, President Donald Trump officially launched his 2020 reelection campaign in Florida. Financial Times reported that Trump said, “Exactly four years ago this week I announced my campaign for president…It turned out to be a great political movement.” Trump also asked the crowd whether the campaign should retain the “Make America Great Again” slogan or shift it to “Keep America Great.” Apparently, the crowd chose the latter slogan.
Key highlights of Trump’s presidency
We’re now more than halfway into his presidency, so the question now is whether President Trump has delivered on his 2016 promises. To be sure, Trump has delivered on his commitment to the US steel industry by imposing a 25% tariff on US steel imports. The fact that US steel prices have fallen below the levels they were at when tariffs were announced is a different matter. US steel stocks are also below their March 2018 price levels when Trump announced the tariffs.
Trump also followed up on the Mexico wall and declared a national emergency earlier this year to garner funds for the wall. Last month, Trump also threatened to impose tariffs on Mexico for failing to prevent the influx of migrants. The Trump administration also delivered on the tax bill, though critics may argue that it did little to help apart from providing a short-term impetus to the economy. However, the trillion-dollar infrastructure plan that Trump outlined in his 2016 campaign is yet to fully take off.
The trade conflict has been the key highlight of the Trump administration’s current term. While Trump has waged a trade war with almost all trading partners, most US companies have been opposed to the trade conflict. Last year, companies including Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), and Walmart (WMT) opposed the tariffs on Chinese goods. US markets have also come under pressure whenever Trump has sought to raise the heat in the trade war. Last month, the S&P 500 (SPY) fell more than 6% amid the escalation in the trade war.