US tax cuts must take the blame, US-China trade war implications

Banking, Comment, News — By on December 24, 2018 at 8:55 AM

Fed Chair Jerome Powell

Commentary: US tax cuts must take the blame

By Desmond Lachman in Washington

After Wednesday’s interest rate increase, Fed Chair Jerome Powell is likely to get the blame for the bursting of the stock market bubble. But it was Trump who introduced a large unfunded tax cut that made unavoidable the interest rate increases that have now brought down the stock market. Perhaps Powell’s biggest mistake in accepting the Fed job was to underestimate Trump’s proclivity to take all the credit for good economic news, but to distribute freely all of the blame for the bad tidings.

Read the full commentary on the website.

Podcast: US-China trade war implications

Political risk series: ‘US-China trade war and implications for Asia-Pacific region’. Ellie Groves, programmes manager – emerging markets at OMFIF, is joined by Kishore Mahbubani, academic and former diplomat in the Singapore Foreign Service, to discuss the history of the US-China relationship and the implications of the ongoing trade war, including possible resolutions to the confrontation. Professor Mahbubani also outlines his thoughts on who will be advocating the liberal world order as the US retreats from the world stage.

Listen to the recording.

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