John Carney, economics editor at Breitbart News, told Fox Business Network's “Kudlow” on Wednesday that former President Donald Trump's proposed tariffs and tax cuts would rebuild U.S. industry and strengthen the dollar globally.
“What Donald Trump is saying is that the United States has built an economic system where we basically pay companies to move jobs overseas. He's saying let's end that. If you manufacture in the United States, you get huge tax incentives. This makes a lot of sense. In fact, the rest of the world is already following this policy: If you manufacture in your country, you get incentives. He's saying no more one-sided trade like this. He's going to make sure that American people get jobs in American companies by giving American companies the right regulatory environment, the right energy policy, the right tax policy,” Carney said.
“People will understand that it makes sense to pour money into American manufacturing because the after-tax benefits are too great to resist. As we rebuild American manufacturing, we will become a magnet for global capital,” he added.
Carney added, “What he's describing here should strengthen the dollar, because it will make investing in the United States more attractive, and it will actually increase demand for dollars and make the dollar more valuable. So he's, as you've always said, injecting a king dollar into the global economy, not as many people are making the case. They think tariffs weaken the dollar, but if you can buy tariffs with tax cuts, the dollar doesn't weaken, it actually strengthens it.”
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