The United States might be heading into “the finding out phase” when Donald Trump takes office in January, Chris Hayes said Wednesday night, after having fooled around and re-elected him in the first place.
Though there are still several weeks before Inauguration Day 2025, international leaders “who are paying attention are bracing themselves for a set of economic policies from the incoming Trump administration that could be brutally costly both to the American people and the global economy,” Hayes began. “And what makes us all so weird is that, well, they’re basically exactly what Trump said he was going to do.”
And while Trump “played coy” about his affiliation with and knowledge of some campaign talking points (such as Project 2025), “he was clear and consistent about the central ideas for the economy.” Those ideas include mass deportations, which will “extract a brutal human and economic cost” and implementing tariffs “to inaugurate the kind of trade war we haven’t seen in probably a century.”
Trump was so open about these plans that ahead of the election, 23 Nobel laureates “blasted that economic plan as a disastrous recipe for higher prices, slower economic growth, even a recession or worse.”
“And now again, we’re in the situation where bankers and analysts, CEOs, everyday Americans are kind of watching and just sort of hoping that the Trump White House will not do exactly what they said they would do,” Hayes continued.
The United Kingdom experience a similar period of fool around and find out, he added, after former Prime Minister Boris Johnson resigned and was replaced with Liz Truss, who infamously stepped down after a mere 50 days in office.
Like Trump, Truss promised “massive cuts to taxes on corporations, bankers, bonuses and wealthy incomes,” Hayes explained. “And the idea was that those wealthy job creators would fuel economic growth, and in the meantime, to make up for the monumental amount of lost revenue from the tax cuts, the Tory government would just borrow heavily to cover its expenses.”
Truss’ plan didn’t really pan out, despite support from the likes of “the former deputy director of Trump’s National Economic Council.” Within weeks of implementing her plan, the U.K. was in the thick of an economic crisis.
The result was that “It took only a month and a half for trust to do exactly what she planned to do with the British budget,” Hayes continued. “It sank the British economy. It made her the shortest serving Prime Minister in history.” Her political party became “absolutely radioactive,” something that Republicans might want to pay attention to, particularly after Trump named Jamieson Greer as his nominee for U.S. trade representative.
Greer will likely be tasked with bringing Trump’s vision of tariffs to fruition, especially as he’s a Trump White House veteran who previously implemented a tariff on $370 billion worth of goods imported rom China. “Those tariffs, as we reported on the show, spurred a trade war,” Hayes warned.
“Nearly broke the backs of American farmers who lost access access to their top Asian market. Just like the Tories and Truss in London two years ago, Donald Trump has told us what he plans to do, and just like them, the critics have said this looks going to be deviating if you do it. I know I guess we just wait right to enter the finding out phase of the story.”
You can watch the clip from “All In With Chris Hayes” in the video above.
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