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Anders Åslund Profile picture
@anders_aslund
Sep 27, 2020 • 4 tweets • 1 min read • Read on X
Finally, Trump's tax returns have surfaced! Thank you, @nytimes!
How outrageous: "Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750."
What a tax cheat!
nytimes.com/2020/09/27/us/…
"The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due."
I wonder whom he might have turned to?
"Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television."
"As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia."

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More from @anders_aslund

Anders Åslund Profile picture
Aug 3
How Trump's tariffs are likely to affect US consumer prices.
Trump's tariffs have already started causing higher consumer prices in the US, but only partially.
Importers have purchased large stocks in Q1 & appear to raise prices only for new imports. /1
The evidence from Trump's tariff hikes last time suggests that eventually importers pass on all the cost of the higher tariffs to end consumers.
This means that tariff hikes are not single events but a process of rising prices as previously imported stocks run down. /2
That is a gradual inflationary process.
The goods inflation caused by the tariffs will be balanced by the deceleration in economic activity they will also cause.
Unemployment may rise, but salaries will be supported by the decline in the foreign labor force. /3
Read 5 tweets
Anders Åslund Profile picture
Aug 2
Trump's trade war probably qualifies as the greatest madness in economic policy in a developed country after WWII:
1. All decisions are made by one single person (Trump).
2. No principles are applied.
3. No economic rationale or theory.
4. All is based on Trump's emotions. /1
5. Many tariffs are very high, so the economic damage will be substantial.
6. There is no coordination of the tariffs so, for example, the US car industry may be decimated (@FT).
7. The only two countries Trump treat with respect are China & Russia, the purported enemies. /2
@FT 8. Trump's extraordinary rudeness to most democratic & friendly countries will have lasting anti-American consequences.
9. So far, the lesson appears to be: Either flatter Trump no end (EU & Pakistan), stand up against Trump (China) or pay him personally (Qatar). /3
Read 6 tweets
Anders Åslund Profile picture
Aug 1
Observations on Trump's tariffs:
1. They are completely unjustified. The US balance of payments problem is an excessive US budget deficit.
2. They are completely arbitrary, entirely dependent on Trump's emotions.
3. They are high & will damage the global economy but most the US. /1
4. The Trump tariffs are not reciprocal but unilateral & they are not negotiated.
5. The higher the tariffs are, the more exemptions. The Brazilian 50% tariff is accompanied by 700 exemptions for the main goods traded.
6. The legal basis of these tariffs is dubious (IEEPA). /2
7. Since the only basis for the tariffs are Trump's statements, it is hard to know what the actual tariffs are or for how long they will last.
8. Trump loves to impose uncertainty on business because he breeds fear. Therefore, the uncertainty will remain. No stabilization. /3
Read 6 tweets
Anders Åslund Profile picture
Jul 16
Trump's trade policy makes no economic sense & the biggest loser is likely to be the US.
1. Trump only talks about trade deficits, while the relevant measure is current account balance. The US has a big service surplus, though still a current account deficit. /1
2. The US can have its large current account deficit (& also a huge budget deficit) because the rest of the world has been happy to finance it, buying $ & US treasuries, which have been seen as perfectly safe, but now Trump is undermining the credibility of all that. /2
3. First of all, Trump knows nothing of economics & none of his subordinates is allowed to correct him. Trump's stupidity, ignorance & authoritarianism are likely to cause an economic catastrophe in the US sooner or later. /3
Read 11 tweets
Anders Åslund Profile picture
Jul 2
A few thoughts about Trump's trade policy:
1. Nothing in his trade policy makes sense. The US has not been ripped off but benefited from its exorbitant privilege that foreigners wanted to invest in the US & US treasuries before madman Trump destroyed it all.
2. Trump insists on extreme protectionism with tariffs up to 50% & probably with an average of 25%, while they used to be 2.5%. This makes no economic sense as pretty much all economists know. Trump is damaging the global economy, but most of all the insular US economy.
3. Worse, Trump focuses on tariffs because there he has complete power. To enforce his power, he changes his policy virtually every day. There will be no stabilization as many have hoped. Thereby, Trump has made it nearly impossible to invest in the US.
Read 8 tweets
Anders Åslund Profile picture
Jun 23
Tomorrow on June 24, the NATO summit will start with a dinner & conclude with a minimal session on June 25.
All fear that Trump will declare that he loves Putin - his kleptocracy, autocracy & imperialism. Yes, Trump is awful. State that! /1
Next, the ideologically real NATO members are afraid that Trump will attack Ukraine, while the whole purpose of NATO is to stand up to Russia and defend free democracies, but Trump hates democracies and freedom. /2
So why are the other NATO members sucking up to the US? Because the US has the biggest and finest military resources. That does not matter much to the other NATO members when Trump behaves like an imperialist (=enemy) wanting to seize Greenland & Canada. Trump is the enemy. /3
Read 4 tweets

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