Rapaport: Trump victory will improve economy
Trump’s election victory coupled with Republican control of Congress will set the stage for improved economic conditions that will support increased demand for diamonds and jewellery, according to the Rapaport Group.
In a statement on the US election result, the firm said lower taxes, higher domestic employment and the end of Obamacare will increase disposable income and encourage investment in local businesses, fuelling new domestic economic growth.
Martin Rapaport, chairman of the group, said: “The diamond and jewellery trade will benefit as the new policies create a more prosperous middle class and greater numbers of wealthy consumers. Global uncertainty will also increase demand for investment diamonds as a store of wealth.”
The statement in full
America is moving to a new future based on different values and priorities. Trump’s triumph will have a major impact on political, social and economic conditions. A tidal wave of disruption, filled with challenges and opportunities, is coming our way.
Trump’s election is the victory of the “angry majority” of Americans demanding change. They want to break away from the past and will demand a radical overhaul of U.S. regulatory, trade, and foreign policy. The war against the political establishment and the policies of the past has been won. America has spoken decisively, electing a Republican President, Senate and House of Representatives.
Long standing political and economic relationships will come under pressure as Washington moves to more forceful America first policies. America’s trade and foreign policy will prioritize local beneficiation over globalization. America will no longer sacrifice its priorities for the benefit of the old global political order.
Trumpism will have major impact on the U.S. and global economy. Socialist policies will be replaced with a new capitalist approach to government and the economy. Political powers will realign to create new economic opportunities for Americans. Lower taxes, higher domestic employment and the end of Obamacare will increase disposable income and encourage investment in local businesses. This will fuel new domestic economic growth.
We are witnessing a perfect storm of unprecedented uncertainty. Markets will play an increasingly important role valuating greater risk and adapting to change. While the new order may not guarantee prosperity it does guarantee a fundamental change in direction and priorities for the U.S. and the world. For many, it offers hope for a better future.
The diamond and jewelry trade will benefit from the new regime. Increases in disposable income and new businesses will create a more prosperous middle class and greater numbers of wealthy consumers. Global uncertainty will increase demand for investment diamonds as a store of wealth.
President-elect Trump’s victory, while positively dangerous, sets the stage for growth and development. We expect changes that will have long term impact on the future of America and the world.