“Our businesses have an international focus. New trade barriers and higher tariffs would cause them enormous damage,” said Grillo. Trump, he added, is forgetting that the US also benefits from open markets. The Republican presidential candidate is campaigning for isolation and threatening that he would pull his country out of the World Trade Organisation. “He is ignoring the realities of the 21st century,” Grillo concluded.
Trump’s plan to curb immigration would also make it difficult for skilled workers to move to the US, Grillo said. Tax cuts for citizens and businesses are laudable, but they would need to be offset: “Trump’s tax plans would further increase the US budget deficit which is already high,” explained Grillo. Future generations would have to suffer the negative consequences.
“Many US citizens do not feel like they have benefitted from the country’s economic upturn in recent years,” said Grillo. There are also people, he added, who gain very little from trade liberalisation. “Trump would do well to channel his energy into supporting these individuals.”