What will be the economic consequences of Trump's presidency?
The Faculty of Economics and Business Administration (Comillas ICADE) and Comillas Comunidad invited Ignacio de la Torre, chief economist at Arcano Partners, to give a lecture to the students
24 January 2025
A large group of students from Comillas Pontifical University filled the university's Aula Magna to attend the conference given by the chief economist of Arcano Partners and former Comillas ICADE student, Ignacio de la Torre. The meeting was organised by the Faculty of Economics and Business Administration (Comillas ICADE) in collaboration with Comillas Comunidad. The Vice-Dean for Institutional Relations and Research at the Faculty, Javier Márquez, was in charge of introducing and accompanying the speaker throughout his intervention. "Ignacio de la Torre has an amazing capacity for economic prediction," he said.
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During his speech, de la Torre reviewed the paradoxes, errors and successes contained in the economic discourse of the new president of the United States, Donald Trump. Specifically, he focused on the four points in which Trump can implement policies that are harmful to the global economy: tariffs, fiscal policy, mass deportations and monetary policy. "In politics, many things are promised that are not fulfilled and it is important to discern between what is said to be done and what can be done," he said.
In that sense, the chief economist at Arcano compared Trump's policy to a poker game. "He cannot intervene on the Federal Reserve Board because it is an independent entity and he is not going to implement the tariffs immediately. He will do it gradually because they are a bargaining tool," he said. On mass deportations of illegal immigrants, he said, "The logistical capacity of the United States to expel illegal immigrants is around 600,000. To increase it, it would have to resort to military means, and for that it would have to go through the Supreme Court", he said.
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