US Elections Special Report: Key Issues Shaping the 2024 Presidential Race

The United States will hold its Presidential Election on Tuesday, November 5th, featuring a tight race between Vice President Kamala Harris for the Democrats and former President Donald Trump representing the Republicans. Both candidates offer significantly different visions for the country's future, and the outcome will have profound implications for both domestic and global policies.

Core Election Issues and Candidate Agendas

1. Economic Policy and Fiscal Plans

The two candidates present starkly different economic blueprints. Harris’ campaign focuses on extending middle-class tax cuts, restoring tax credits, and increasing corporate taxes to fund social programs like healthcare, child care, and housing. Her administration would likely raise the corporate tax rate to 28% and target large fortunes with capital gains taxes. These policies, while addressing social inequality, could add up to $2.5 trillion to the national debt over the next decade.

Trump, on the other hand, proposes more radical tax reforms. He aims to make the Tax Cuts and Jobs Act (TCJA) permanent, reduce the corporate tax rate to 15%, and eliminate taxes on Social Security benefits. While these measures could stimulate economic activity, experts estimate they would add $5.8 trillion to the national debt by 2034.

2. Federal Reserve and Monetary Policy

Both parties support maintaining the Federal Reserve's independence, though Trump has expressed a desire for more presidential influence over interest rate decisions. Harris’ administration is expected to pursue a continuation of current monetary policies, including a focus on inflation and labor markets, while Trump’s return could see a more confrontational approach toward the Fed’s dual mandate.

3. Trade and Tariffs

Harris’ trade policies are more focused on reciprocity and fair competition, potentially reviving bipartisan efforts to address international trade imbalances​. In contrast, Trump is set to resume his "America First" policies, including a broad use of tariffs. He has proposed imposing a 10% tariff on all imports, and up to 60% on Chinese goods, which could raise consumer prices and further strain global trade relations.

4. Labor and Immigration

Both candidates also present vastly different approaches to labor and immigration. Harris advocates for raising the minimum wage and supporting unions, as well as reforming immigration laws to address labor shortages. Trump’s platform focuses on stricter immigration controls and deportations, particularly impacting unskilled labor markets. These differences could have a significant impact on sectors like agriculture and manufacturing​.

Global Implications

This election also has substantial global ramifications. A Harris administration is expected to maintain the U.S.’s current foreign exchange and trade policies. However, Trump has signaled that his administration would revisit tariffs and adopt a more aggressive stance toward China, which could heighten global trade tensions​. These policies will likely affect the global economy, commodity prices, and currency values.

Conclusion: A Defining Moment for America's Future

As the 2024 U.S. Presidential election approaches, the country faces a pivotal decision that could lead to significantly different policy outcomes. Both Vice President Harris and former President Trump offer starkly contrasting approaches to key issues such as economic management, trade policies, and immigration. While Harris promises continuity in monetary policy and a focus on social reforms, Trump’s platform includes more radical fiscal policies, aggressive trade stances, and a shift in Federal Reserve oversight. The outcome of this election will not only shape domestic policies but also influence the U.S.’s role on the global stage, particularly in areas like international trade and currency relations. With high stakes and potential shifts in global economic dynamics, the 2024 election stands as a critical juncture for the nation's future.