From Billionaires to Tariffs: Jeffrey Sommers on Trump’s First 100 Days

Professor Jeffrey Sommers visited the University of Pécs in the framework of International Seasons, an economist and geopolitical analyst from the University of Wisconsin-Milwaukee, USA, who focuses on the economic transformation of Eastern Europe and the critique of neoliberal economic policies. In a lecture to students, the professor explained the key issues of Donald Trump's presidency.

On 5th November last year, after a very long and meaningful campaign, the citizens of the United States of America elected Donald Trump, the Republican Party's nominee for President. We are through the first 100 days of the much-anticipated Presidency, defined by promises and deeds. 

The first half of the professor's lecture was devoted to the theory that explains the American citizens' turn away from liberalism. In the late nineties and early twenties, neoliberalism became an extreme economic concept. Neoliberal economic policy is usually characterised as favouring foreign capital and selling off domestic wealth, a kind of wild capitalist economic setup. The major economic downturns of this period and the credit crisis of 2008 can be attributed to this economic model.

The professor then explained the factors behind Trump's victory last year: "Donald Trump himself was born a billionaire and has built up a huge and successful business empire over his lifetime.

He has won over the US billionaires by loving them," said the professor.

Jeffrey Sommer identified several groups of elements to list behind Donald Trump's victory. As he explains in the previous quote, Trump has rallied the billionaires, including the techno-libertarians, who are usually the owners of major communication giants such as META or major commercial entities such as Amazon.

With them, he has gained not only capital but also a communication platform.

Other points include loss of confidence in democracy, or general loss of confidence, as these always push the voter in a more extreme direction.

The professor underlined that the election promise that affects us the most is the introduction of tariffs. He said that behind Trump's tariff policy is to help the interests of the American people, since with high tariff revenues, taxes on society can be reduced:

"Trump wants to return to an American model where taxes on revenues are low, and the public deficit caused by tax cuts is made up by the revenue from tariffs," stated the lecturer.