The proposed corporate tax reform could stimulate domestic investment and production, which could lead to faster productivity growth. Exporters (e.g., capital goods, farm products) should benefit, while importers (e.g., apparel, refiners) could suffer. While a border adjustment tax would lead to a stronger U.S. dollar, it could also cause consumer prices to rise in the short-to-intermediate term. If interpreted as a subsidy to U.S. exporters, the border adjustment tax could invite protectionist responses from trading partners and lead to slower global trade and slower global growth.
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