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Trump Economic Policy Reversal

WASHINGTON — President Donald Trump made three startling economic policy reversals Wednesday, stepping away from pledges he made as a candidate and even policies he supported only days ago.

The shifts suggest that the moderate financiers he brought from Wall Street are eclipsing the White House populist wing led by Stephen K. Bannon, the political strategist who is increasingly being sidelined by the president.


In a series of interviews, Trump backtracked from his campaign promises. Trump said he no longer wanted to label China a currency manipulator — a week after telling The Financial Times that the Chinese are the “world champions” when it comes to currency manipulation. The about-face came less than a week after meeting with China’s president, Xi Jinping.

In an interview with The Wall Street Journal, the president also said he no longer wanted to eliminate the Export-Import Bank. And he said that he might consider reappointing Janet Yellen as chairwoman of the Federal Reserve when her term ends next year.

All of this is a striking departure from Trump on the campaign trail, where he regularly denounced China and said that Yellen should be “ashamed” of herself because of what he said was her political bias. Trump’s reversals suggest he is moving toward a more mainstream economic approach from the populist arguments he advanced before the election.

For his part, Trump asserted in a Twitter post Wednesday night that his agenda remained on track. “One by one, we are keeping our promises — on the border, on energy, on jobs, on regulations. Big changes are happening.”

Trump began the day with an interview with Fox Business Network in which he backed away from the so-called border-adjustment tax favored by Speaker Paul Ryan and House Republicans. In an interview published by the Journal midday, Trump revealed his softer approach to China and made another reversal on health care.

He said that the government would not continue to pay subsidies to health insurers under Obamacare only days after the administration said it would. Trump said the threat to withhold subsidies was a way to force Democrats to negotiate with him over the future of the Affordable Care Act.

Trump’s budget director, Mick Mulvaney, added an additional major reversal on his behalf: He said on CNBC on Wednesday that the president’s campaign promise to eliminate the national debt was “hyperbole.”

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 Date:2017-04-15 10:17:23    From:www.hnssd.com

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