How Trump could tank Iowa’s economy
By Tom Quiner
President Trump is doing a lot right for the nation’s economy.
He is furiously slashing counter-productive regulations imposed by President Obama, and he just signed a big tax cut for 9 out of 10 Americans. Even more, the tax bill he signed lowered corporate rates to make America competitive again.
This could be a big year economically for Americans thanks to these efforts by President Trump and his fellow Republicans.
Trump has a blind spot, though. He talks like a protectionist, and in particular is suspicious of NAFTA. For the record, since NAFTA was signed by President Clinton in 1994, farm exports to Mexico and Canada have quadrupled, and soy beans quintupled.
The U.S. generates $18 Billion a year in farm exports to Mexico and $23 Billion to Canada. If Trump pulls the plug on NAFTA, the repercussions in farm states like Iowa and Wisconsin would be profound.
For the record, Iowa and Wisconsin helped to tip the election to Trump. Mr. President, take notice.
Can he do this unilaterally, i.e. without congressional approval? I would think farm states would fight this.
That’s not clear to me.