Tax cuts
Perhaps President Trump’s most hotly-anticipated move for the business community is another round of deregulations and tax cuts for wealthy investors. In his first term, Trump enacted the Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of 2025. O’Leary expects these cuts to be expanded before the deadline such that the corporate tax rate drops from 21% to 15%.
O’Leary is also enthusiastic about Elon Musk’s DOGE “slashing cumbersome government regulations.” However, it should be noted that O’Leary was advocating for better regulations of the crypto industry after he personally lost $15 million to the FTX scam last year. So it’s unclear if he’s arguing for more regulations or less regulations overall.
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Learn MoreCanada’s soft annexation
Trump imposed 25% tariffs on Canadian goods and products — the tariffs have since been paused for 30 days — and argued that Canada “should become our cherished 51st state" to avoid a trade war. This overture wasn’t received very well north of the border, as 90% of Canadians surveyed by the Angus Reid Institute believe in keeping the country independent.
O’Leary acknowledges this desire for sovereignty and proposes an “economic union” as a “middle-ground” compromise. He calls for the introduction of a “uni-passport” shared between Canada and America that would allow for the free flow of people and goods across the border.
It should be noted that Trump has not acknowledged this suggestion and O’Leary, who lives in Abu Dhabi, is not an elected Canadian official. Canadian lawmaker Charlie Angus responded to the proposal by calling O’Leary a “loser” and part of a “grifters parade,” in an interview with MeidasTouch.
Tariff thunderstorms
O’Leary has suggested that Trump’s use of tariffs is a negotiating strategy to extract better economic terms for Americans. However, O’Leary’s argument doesn’t mention the possibility of retaliatory tariffs, such as the ones introduced by Canada and Mexico in response to Trump’s strong-armed tactics.
It should be noted that 16 Nobel prize-winning economists wrote a letter in June, 2024, outlining that tariffs and trade wars would create higher inflation and higher costs for Americans and risk jeopardizing global economic growth.
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Try NowEnergy independence
By deregulating the oil and gas sector, Trump can boost American energy production and increase the country’s energy independence, O’Leary argues. However, the U.S. has been producing record levels of crude and natural gas and has been a net energy exporter since 2019, according to the U.S. Energy Information Administration and U.S. Department of Energy.
How to bet on O'Leary's insight
Investors who share O’Leary’s optimism about this economic strategy could consider domestic manufacturing and energy stocks as a bet on economic growth and reshoring. However, for those who are worried about the negative externalities of these moves, considering gold as a hedge against volatility and inflation could be justified.
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