President Donald Trump 2025: Breaking all dogmas

Leonid M. Grigoryev ()

Voprosy Ekonomiki, 2026, issue 1

Abstract: The return to power of Donald Trump, a major businessman unencumbered by academic dogma, was based on slogans resonating with traditional America, economic and political superiority. The previous liberal-progressive dogma of Joe Biden’s day did not withstand a direct confrontation with the energy of Trump and his opponents in a two-party system. The broad coverage of trading partners by increased import duties puts the US in a situation of a large and complex experiment with breaking the usual parameters (and dogmas) on issues of competition and impact on consumer welfare in the country. The new old president is keeping several important industrial policy laws in place and continuing his policy of low business taxes and reduced spending on climate programs (which is basically a dogma). At the same time, he is making a dramatic and risky attempt to influence macroeconomic parameters (budget deficit) and trade and economic parameters (reducing the trade deficit, increasing the inflow of direct investment), shifting taxation from income to consumption, and increasing trade tariffs. By the end of 2025, the temporary equilibrium had been reached in the tariff arena in relations with the European Union, while conflict delayed and difficult negotiations continued with China. The key instrument of long-term domestic economic policy — OВВВ — was approved by the country’s Congress. It is this act that will determine the main parameters for breaking the old model of development and the legacy of Donald Trump. The drama of the Republican president’s steps is partly defined by the need to compress the period of radical shifts with the transition to the 2026 and 2028 election campaigns.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2026:id:5705

DOI: 10.32609/0042-8736-2026-1-126-145

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