Trump 1.0 inherited a sound economy from Obama, juiced it slightly with a tax cut that was supposed to (but didn’t) create an investment boom, and took the credit for everything, at least until the pandemic intervened. Trump 2.0 will also have the benefit of an economy that is the envy of the world, and he will certainly take the credit again. But in one respect, conditions will be different this time.
The bulk of the Trump 2.0 tax cut will just avoid a tax increase baked into the initial legislation. When it has been approved–and it will be–Americans won’t feel anything. Trump’s boasts about the largest tax cut in history will fall on deaf ears.
If he goes for the universal tariff, however, or if he starts imposing levies that jack up the price of vegetables imported from Mexico, the public will feel it immediately.