President Donald Trump’s first 100 days back in office has been characterised by radical changes to trade policy, immigration and the Federal government, all implemented by an unprecedented use of executive power. In the second 100 days, we expect the focus to shift from tariffs and trade to fiscal policy. That should be a much-needed positive for the economic outlook although, given the slim majorities that the Republicans hold in both Houses of Congress, there is a risk that they can’t agree on a final fiscal package, which could trigger a crisis if the debt ceiling is not raised by late summer.
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