Richard Torrenzano, who previously worked for 40th US president Ronald Reagan, insisted the incoming president’s pro-business outlook would turbocharge global economies.
In a speech in London this week, Mr Torrenzano predicted ”the US economy will roar in 2017” as President Trump wields his White House powers in combination with the Republicans’ majority in the Senate and House of Representatives.
President Trump will set about dismantling and replacing President Obama’s “disaster” of a healthcare system, slash corporate tax rates, simplify America’s 76,000-page long tax code, cut red tape and strip back banking regulations, Mr Torrenzano said.
He added President Trump would also eliminate rules requiring US companies to be double-taxed on money earned abroad, suggesting this could see $2-3trillion repatriated to the US to “ignite spending and hiring in America”.
Mr Torrenzano said: “If President Trump and the Republicans do these things, what can go right?
“You will see a bull market like you’ve never seen before with growth in profits and growth in employment.
“Barring an unexpected and tragic event, 2017 will be a spectacular year for the US economy with strong ripple effects in the UK and throughout the world.”
Donald Trump will turbocharge the world economy, a leading commentator has predicted
You will see a bull market like you’ve never seen before with growth in profits and growth in employment.
Mr Torrenzano also hailed President Trump’s effect on US jobs even before he was officially sworn in as the 45th president.
The power of President Trump’s Twitter account has already seen Ford cancel plans for a major plant in Mexico in favour of investment in the US, while other major car manufacturers and businesses have promised spending on American jobs.
Mr Torrenzano said: “President-elects are supposed to be like brides just before the ceremony, unseen until the music starts.
“Trump has arguably done more for jobs in America as president-elect than Barack Obama organised in eight years as president.”
Trump tweets his way through Presidency
Mon, January 9, 2017
Express reports Donald Trump's tweets since elected as President of the United States.
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But Mr Torrenzano offered a note of caution the US economy could overheat and push up inflation, with President Trump’s promise of “lavish spending on infrastructure” making it “very difficult to slice the budget deficit”.
Mr Torrenzano, now an author and chief executive of his own PR firm, served as chairman of President Reagan’s Board of Advisors on Private Sector Initiatives.