July 6, 2018

Donald Trump promised to dramatically accelerate economic growth in America by lowering taxes, cutting regulations, and bringing jobs back from overseas through better trade deals. In his first year, the President focused on the first two areas, where he enjoyed broad support from Republicans in Congress. Markets cheered the higher corporate profits that these policies promised, sending stocks to all-time highs. Now that the President has turned his attention to trade, however, the results have been choppy so far: foreign stock markets fell, while gains in the U.S. were concentrated in shares of small company and technology stocks that are perceived, rightly or wrongly, to be insulated in the event of a trade war.

The President brings a couple of core beliefs to his latest fight: (1) that the trade deficit is evidence that other countries take advantage of the U.S.; and (2) that a trade...

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Marble Trail Financial is a joint venture of Addison Advisors LLC dba Marble Trail Advisors, Davis Associates,  and Misasi & Company LLC. Investment advisory services are provided by Marble Trail Advisors, a registered investment adviser, and tax preparation and accounting services are provided by Davis Associates and Misasi & Company LLC.

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