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The Republican tax plan that passed at the end of 2017 was a rare legislative victory for President DonaldTrump. But it is likely it will undermine Trump's other major promise, which is to cut the U.S. trade deficit.Four different ways of thinking about the problem all give the same basic answer: trade deficits will worsen.Higher prices for U.S. products will reinforce domestic consumers' incentive to buy foreign goods, while reducing external demand for U.S. exports.It is possible that the reported trade deficit will narrow even as the true trade deficit widens. The reason is tax-motivated profit shifting by U.S. multinational corporations that has long made America's trade balance appear worse than it really is, will now diminish.
Mitt Romney’s tirade was a rejection of his natural voters
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