The odds of a second Donald Trump presidency are mounting in the wake of a failed assassination attempt and his strong debate performance , with Wall Street preparing for the possibility of sticky inflation, protectionist trade policies, and higher long-term bond yields if he wins the election. But Trump has shrugged off these concerns, telling Bloomberg he aims to make the economy great again through his "Trumponomics" plan that equates to low interest rates and taxes. This would be "tremendous incentive to get things done and to bring business back to our country." Here's what Trump plans on doing if he wins the election: Economy, jobs Trump will let Federal Reserve Chair Jerome Powell finish his term, which ends in May 2026. "I would let him serve it out," he said, "especially if I thought he was doing the right thing." But he said the Fed shouldn't cut interest rates before the November election, giving the economy (and Biden) a boost. "It's something they know they shouldn't be doing," he said. Markets see two rate cuts this year, with one likely before the election in September. Trump would consider JPMorgan ( JPM ) CEO Jamie Dimon as Treasury secretary, softening his opinion on the bank chief from last year, when he called Dimon a "highly overrated globalist." To tackle inflation, Trump plans to bring down prices by paving the way for more oil and gas drilling. "We have more liquid gold than anybody," he said. He also believes his proposed trade tariffs will produce a windfall for the U.S., although economists say his plan would likely fuel higher inflation and taxes for consumers. Trump is planning harsh immigration restrictions that he believes will boost domestic employment, reiterating that jobs are being taken by illegal immigrants. To note, data from the Bureau of Labor Statistics shows that naturalized U.S. citizens and legal residents have seen the most employment gains since 2018. Taxes, social media, crypto Trump wants to bring the corporate tax rate down to 15%, even lower than his pledge last month to CEOs of cutting the rate to 20% from the current 21%. He is also planning less regulation. As for social media, Trump believes companies have become "too big, too powerful." Even so, he won't ban TikTok , owned by ByteDance ( BDNCE ), citing the need for competition. "If you don't have TikTok, you have Facebook and Instagram - and that's Zuckerberg," he said, still bitter over Facebook's decision to bar him after the January 6 Capitol attack. While he previously said bitcoin ( BTC-USD ) is a scam, Trump now believes the top cryptocurrency and other cryptos should be made in the U.S. "If we don't do it, China is going to figure it out - or somebody else." Foreign policy Trump plans on imposing new tariffs on China ranging from 60% to 100%, as well as a 10% tariff on imports from other countries to ensure economic fairness. As for defending Taiwan from China, Trump appeared to be skeptical. "Taiwan took our chip business from us," he said. "I mean, how stupid are we?" Instead, he said Taiwan should pay the U.S. for protection. When asked if Saudi Arabia would be upset over increased U.S. drilling, Trump disagreed , given his closeness with Crown Prince Mohammed bin Salman Al Saud. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion . More on U.S. election Trump Trade: Top 5 Stocks If Trump Wins (SA Quant) Would A Trump Presidency Cause Recession? Fannie And Freddie: My Favorite Trump Stocks Trump picks Ohio Senator Vance as running mate
