Trump in Alabama during victory tour Mark Wallheiser/Stringer

Mezinárodní bariéry Trumpova ekonomického plánu

DUBAJ – Nově zvolený americký prezident Donald Trump by měl mít doma relativně volnou cestu k realizaci svého ekonomického programu: republikáni drží v obou komorách Kongresu většinu, a Trump tak zřejmě bude těžit z prolomení politického patu, který tento orgán v posledních šesti letech ochromoval. Ekonomika Spojených států však neexistuje ve vakuu. Chce-li Trump úspěšně naplnit své sliby a zajistit zemi vysoký růst a skutečnou finanční stabilitu, bude potřebovat určitou pomoc ze zahraničí.

Těžištěm své strategie podporovat skutečný i potenciální růst americké ekonomiky učinil Trump investice do infrastruktury, daňovou reformu a deregulaci. A protože je přesvědčený, že se jeho plán může zdárně vyvíjet, stanovil si ambiciózní cíle, včetně růstu HDP ve výši téměř 4% ročně.

Prozatím se zdá, že investoři na to přistoupili. Na základě předpokladu, že nastupující Trumpova administrativa nakonec upustí od vyvolávání obchodní války, začali rychle promítat do cen optimistické vyhlídky vyššího reálného růstu, vyšší inflace a většího objemu peněz vstupujících na finanční trhy. To umožnilo Federálnímu rezervnímu systému normalizovat postoj k měnové politice; vedle zvýšení úrokové sazby o 25 základních bodů 14. prosince dal Fed rovněž najevo, že tempo podobných kroků v roce 2017 poroste.

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