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Thursday, September 26, 2024

Diverging Political Visions: Kamala Harris vs Donald Trump

By Century Financial in 'Blog'

Diverging Political Visions: Kamala Harris vs...
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Synopsis

The 2024 U.S. presidential election is shaping up to be a pivotal moment, with Kamala Harris and Donald Trump presenting starkly different policy visions. From climate and energy strategies to foreign policy stances on China and NATO, their contrasting approaches could reshape the U.S. economy, global relations, and financial markets. Our full article explores how these differences could influence your investments.

The 2024 U.S. presidential election presents a crossroads for the nation, with Kamala Harris and Donald Trump offering two vastly different paths forward. Their policy agendas, shaped by contrasting ideologies, could lead to significant changes within the U.S. and across the global landscape. These differences are more than political—they hold the potential to influence markets and economies. Understanding these divergent visions is essential for anyone anticipating what lies ahead.

What Are the Key Differences Between Harris and Trump in the 2024 Election?

Kamala Harris:

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Supports Environmental Sustainability: Harris, a former backer of the Green New Deal, focuses on green energy initiatives.
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Inflation Reduction Act: Advocates for policies that have boosted renewable energy investments by 20% since 2022.
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Challenges Ahead: The U.S. is currently off track to meet its 2030 emissions targets, posing significant hurdles for Harris’s environmental agenda.

Donald Trump:

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Fossil Fuel Expansion: He promoted increased oil and natural gas production, which rose by 13% and 7%, respectively, during his previous term due to deregulation.
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Withdrawal from Paris Climate Accords: Plans to reenter the Paris Agreement and expand fossil fuel use.
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Skeptical of Electric Vehicles: Opposes aggressive adoption of electric vehicles, which may hinder the growth of the EV market.

Kamala Harris:

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Opposes "Project 2025": Harris rejects initiatives that could destabilise federal employment.
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Protects Federal Workers: Plans to implement rules preventing mass firings of civil servants to ensure stability in public services.
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Emphasizes Job Security: Maintaining continuity in the federal workforce is crucial for effective governance.

Donald Trump:

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Supports Schedule F: This bill aims to reintroduce Schedule F, allowing for easier dismissal of federal employees, which could lead to widespread changes in federal departments.
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Dismantling Federal Bureaucracy: Plans to reduce federal oversight by targeting departments like Education and shifting power to state and local governments.

Kamala Harris:

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Supports Comprehensive Immigration Reform: Advocates for pathways to citizenship and humane treatment of immigrants.
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Focus on Integration: Aims to reverse restrictive immigration trends from Trump’s term but faces challenges in securing bipartisan support for reform.

Donald Trump:

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Stringent Immigration Policies: Plans the largest deportation operation in U.S. history.
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End Birthright Citizenship: Proposes ending birthright citizenship for children of undocumented immigrants.
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Potential Legal Challenges: His strict measures could increase deportations and further polarise the immigration debate.

Kamala Harris:

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Raise Corporate Tax Rate: Proposes increasing the corporate tax rate to 28% to generate revenue.
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Fund Expensive Plans: Aim to use the increased revenue to finance her policy initiatives as president.

Donald Trump:

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Universal Tariff on Imports: The administration plans to impose a baseline tariff on all U.S. imports, with a 60% tariff on imports from China.
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Tax Cuts and Reforms: The bill intends to make individual and estate tax cuts permanent, lower the corporate tax rate to 20%, and expand the child tax credit to $5,000.
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Tax Exemptions: This proposal proposes exempting tip income and Social Security benefits from taxation and taxing sizeable private university endowments.

“As president, I will be laser-focused on creating opportunities for the middle class that advance their economic security, stability and dignity,” Harris said as she ticked through an economic policy plan released by her campaign.

Kamala Harris:

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Countering China: Harris supports the Biden administration's view of China as a threat and backs efforts to bolster alliances in the Indo-Pacific region. She supports restricting the export of advanced tech to China and advocates for dialogue to avoid conflict, particularly concerning Taiwan.
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NATO: Harris aligns with Biden's strong support for NATO, emphasising an unwavering commitment to the alliance and international cooperation.

Donald Trump:

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China: Trump advocates high tariffs on Chinese goods and aims to boost U.S. manufacturing to reduce reliance on China. He criticises China's trade practices but occasionally praises Xi Jinping.
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Trump has proposed phasing out Chinese imports of essential goods, including electronics, steel, and pharmaceuticals, and wants to ban Chinese companies from owning U.S. infrastructure in the energy, technology, and farmland sectors.
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NATO: Trump is critical of NATO, viewing it as a financial burden on the U.S. He has threatened to withdraw from NATO and prioritises nationalism over international commitments, reflecting his "America First" stance.

These contrasting visions offer a glimpse into the future direction of U.S. policy. Understanding these differences is crucial for voters and investors to anticipate the potential changes that could follow the election.

Are you curious about how these political differences could impact your investments?

Don’t miss our in-depth analysis in the companion article, "Impact on Financial Asset Classes in the 2024 U.S. Elections" . Discover how each candidate’s policies could reshape the future of equities, bonds, commodities, and currencies.

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