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特朗普经济政策详解(Donald Trump's economic agenda: Taxes down, wars up)
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特朗普经济政策详解
随着唐纳德·特朗普将赢得总统大选的形势变得明朗，美国股市飙升，美元走强，国债收益率跳涨。 
双语精读
Donald Trump's economic agenda: Taxes down, wars up
特朗普的经济政策：税收降低，贸易战打响
The Trump trade is already in full swing. As it became clear that Donald Trump would win the presidential election, American stocks soared, the dollar strengthened and Treasury yields jumped higher.
特朗普贸易已经全面展开。随着唐纳德·特朗普将赢得总统大选的形势变得明朗，美国股市飙升，美元走强，国债收益率跳涨。
The price movements contain two messages about the direction of Mr Trump's economic policies. The promise of big tax cuts, combined with his zeal for deregulation, will boost growth, especially in the short term.
这些价格走势包含两条有关特朗普经济政策走向的信息。第一是大幅减税的承诺再加上他对放松监管的热情将促进经济增长，尤其是短期内的经济。
But the spectre of tariffs and a crackdown on immigration may drive up inflation and, eventually, undercut America's economic strengths.
第二是阴魂不散的关税和对移民的打击可能会推高通货膨胀，最终削弱美国的经济实力。
Gauging the potential impact of Mr Trump's policies is, however, no easy task. As ever with him, there is uncertainty about whether he means all that he says. He is, for instance, obviously fond of tariffs but he may also, sometimes, treat them as leverage with other countries rather than as end goals.
然而，判断特朗普政策的潜在影响并非易事。就像他以往一样，他说的话是否都是真心的还不确定。比如，他显然喜欢关税，但有时他可能将关税视为撬动其他国家的杠杆/影响其他国家的手段，而不是最终目标。
There is also uncertainty about how much he will be able to achieve. Mr Trump's team has evolved from the chaos of his first term into what appears to be a more finely oiled operation.
对于他能落实多少政策也存在不确定性。特朗普的团队经历了他混乱的第一任期后，已经成长为一个似乎运转更加良好的组织。
And Republicans are on track for a trifecta, as Mr Trump's resounding victory is likely to come alongside a solid majority in the Senate and a narrower one in the House of Representatives.
而且共和党人有望获得三连胜，特朗普的巨大胜利很可能伴随着共和党在参议院的绝对多数席位，以及在众议院的微弱多数席位。
Still, moderates in the party will have the clout to whittle down some of his agenda.
不过，共和党内的温和派会有牵制特朗普政策的势力。
Mr Trump's economic programme can be divided into three main categories: lower taxes, sweeping deregulation and higher tariffs. He also has some broader policies-in particular, a looming crackdown on immigration-that could have a profound effect on the economy.
特朗普的经济计划可以分为三个主要类别：降低税收、全面放松监管、提高关税。他还有一些更广泛的政策——特别是即将对移民进行打击——可能会对经济产生深远影响。
Start with the biggest source of immediate excitement for investors and company executives: the sugar rush of tax cuts and, just as importantly, an end to the spectre of tax increases. Kamala Harris had called for raising the corporate-tax rate from 21% to 28% and introducing a tax on unrealised capital gains.
首先是让投资者和公司高管们立即感到兴奋的最大来源：减税带来的甜蜜冲击，以及同样重要的：增税阴影的消散。卡玛拉·哈里斯曾主张将企业税率从21%提高到 28%，并对未实现资本收益征税。
To the great relief of many on Wall Street, those proposals are now off the table. Instead, the Republican sweep could, in theory, open the door for Mr Trump to slash taxes.
令华尔街许多人大松了一口气的是，这些提议现在已被弃置。相反，从理论上讲，共和党的全胜可能会为特朗普减税打开大门。
His priority will be to extend the cuts in personal income tax he made in 2017, which are due to expire at the end of next year. He has talked about reducing the corporate-tax rate, perhaps to 15%. And he has also floated a dizzying array of other possible cuts, including ending taxes on tips.
特朗普的首要任务将是延长他在2017年实施的个人所得税削减政策，该政策将于明年年底到期。他已谈到降低企业税率，也许会降至15%。并且他还提出了一系列令人眼花缭乱的其他可能的削减措施，包括结束对小费征税。
词汇预习
source [高考]
美[sɔːrs] | 英[sɔːs]
n. 来源；发源地；原始资料 v. 从...获得
economic [高考]
美[ˌiːkəˈnɑːmɪk] | 英[ˌiːkəˈnɒmɪk]
adj. 经济的，经济学的；有利可图的；节约的
obviously [高考]
美[ˈɑːbviəsli] | 英[ˈɒbviəsli]
adv.明显地
economy [高考]
美[ɪˈkɑːnəmi] | 英[ɪˈkɒnəmi]
n. 经济；节约 adj. 经济的；廉价的
immediate [高考]
美[ɪˈmiːdiət] | 英[ɪˈmiːdiət]
adj. 直接的；最接近的；立即的；目前的
impact [高考]
美[ˈɪmpækt , ɪmˈpækt] | 英[ˈɪmpækt , ɪmˈpækt]
n. 影响；冲击力；撞击 vt. 挤入；压紧；撞击；对 ... 发生影响 vi. 冲击；撞击；产生影响
extend [高考]
美[ɪkˈstend] | 英[ɪkˈstend]
v. 延伸；延长；伸展；扩展；提供；使竭尽全力
corporate [高考]
美[ˈkɔːrpərət] | 英[ˈkɔːpərət]
adj. 法人的；公司的；社团的；共同的；全体的
priority [高考]
美[praɪˈɔːrəti] | 英[praɪˈɒrəti]
n. 优先；优先权；优先顺序 adj. 优先的
uncertainty [高考]
美[ʌnˈsɜːrtnti] | 英[ʌnˈsɜːtnti]
n. 不确定；不可靠；易变
election [高考]
美[ɪˈlekʃn] | 英[ɪˈlekʃn]
n. 选举；当选；选举权
profound [高考]
美[prəˈfaʊnd] | 英[prəˈfaʊnd]
adj. 深奥的；渊博的；极度的；意义深远的
expire [高考]
美[ɪkˈspaɪər] | 英[ɪkˈspaɪə(r)]
vi. 终止；期满；失效；呼气；断气
boost [高考]
美[buːst] | 英[buːst]
v. 提高；增加；鼓励；举起；为...做宣传 n. 增加；推进；鼓励
growth [高考]
美[ɡroʊθ] | 英[ɡrəʊθ]
n. 【U】增长；生长；发展；种植 n. 【C】生长物；【医】瘤;赘生物
due [高考]
美[duː] | 英[djuː]
adj. 应有的；到期的；预定的；应付的 n. 应得物；会费
potential [高考]
美[pəˈtenʃl] | 英[pəˈtenʃl]
adj. 潜在的；可能的 n. 潜力；潜能 n. 电位；电势
rate [高考]
美[reɪt] | 英[reɪt]
n. 比率；速度；价格；费用；等级 v. 认为；估价；定等级；值得；怒斥；责骂
eventually [高考]
美[ɪˈventʃuəli] | 英[ɪˈventʃuəli]
adv. 最后；终于
contain [高考]
美[kənˈteɪn] | 英[kənˈteɪn]
vt. 容纳；包含；抑制；克制 vi. 自制
theory [高考]
美[ˈθiːəri] | 英[ˈθɪəri]
n. 学说；理论；原理；意见
relief [高考]
美[rɪˈliːf] | 英[rɪˈliːf]
n. 减轻；解除；轻松；浮雕；救济(品)；安慰；替代 adj. 提供救济的；文本的
majority [高考]
美[məˈdʒɔːrəti] | 英[məˈdʒɒrəti]
n. 大多数；大部分；多数票；（获胜的）票数
tax [高考]
美[tæks] | 英[tæks]
n. 税；负担 v. 斥责；课税；使 ... 负重荷
alongside [高考]
美[əˌlɔːŋˈsaɪd] | 英[əˌlɒŋˈsaɪd]
adv. 在旁边 prep. 在 ... 旁边
immigration [高考]
美[ˌɪmɪˈɡreɪʃn] | 英[ˌɪmɪˈɡreɪʃn]
n. 移居；移民
agenda [高考]
美[əˈdʒendə] | 英[əˈdʒendə]
n. 议事日程
chaos [高考]
美[ˈkeɪɑːs] | 英[ˈkeɪɒs]
n. 混乱；无秩序；混沌
due to [高考]
美[dʊ tu] | 英[djuː tu]
因为，由于
in particular [高考]
美[ɪn pər'tɪkjələr] | 英[ɪn pə'tɪkjələ(r)]
特别； 尤其
drive up [高考]
美[draɪv ʌp] | 英[draiv ʌp]
驱车来到;使…上升
means [高考]
美[miːnz] | 英[miːnz]
n. 方法；手段；收入；财产 v. 意思是，意味（动词mean的第三人称单数）
lower [高考]
美[ˈloʊər] | 英[ˈləʊə(r)]
adj. 低的；下级的；下层的 v. 降低；减弱；跌落
would [高考]
美[wʊd , wəd] | 英[wʊd , wəd]
aux. 将；可能；大概；总会；愿意；will的过去式
zeal [四级]
美[ziːl] | 英[ziːl]
n. 热情；热忱
inflation [四级]
美[ɪnˈfleɪʃn] | 英[ɪnˈfleɪʃn]
n. 通货膨胀；膨胀
importantly [四级]
美[ ɪmˈpɔːrtntli] | 英[ɪmˈpɔːtntli]
adv. 重要地
presidential [四级]
美[ˌprɛzɪˈdɛnʃəl] | 英[ˌprezɪ'denʃl]
adj. 总统的；总统制的
array [四级]
美[əˈreɪ] | 英[əˈreɪ]
n. 一系列；大批；数组；陈列，列队；盛装 vt. 排列；部署；打扮
effect on [四级]
美[ɪˈfɛkt ɑn] | 英[iˈfekt ɔn]
对 ... 的作用
fond of [四级]
美[fɑːnd əv] | 英[fɔnd ɔv]
喜欢； 喜爱
slash [六级]
美[slæʃ] | 英[slæʃ]
v. 猛砍；乱砍；鞭打；割伤；尖锐抨击；大幅减少 n. 猛砍；斜线；长切口；衣衩；撒尿；沼泽地
finely [六级]
美[ˈfaɪnlɪ] | 英[ˈfaɪnli]
adv. 微细地；精细地
in full [六级]
美[ɪn fʊl] | 英[ɪn fʊl]
全部地, 不省略地
clout [专四]
美[klaʊt] | 英[klaʊt]
n. 猛击；影响力 v. 猛击
sweeping [专八]
美[ˈswipɪŋ] | 英[ˈswi:pɪŋ]
n. 扫除 adj. 一扫而去的；凶猛的；广泛的
undercut [专八]
美[ˌʌndərˈkʌt] | 英[ˌʌndəˈkʌt]
v. 削弱；廉价出售或工作；从下边切 n. （牛的）嫩腰肉；下部切割；切口；切球
looming [雅思]
美['lumɪŋ] | 英['lu:mɪŋ]
adj. （不希望或不愉快的事情）迫近的，逼近的
重点讲解
Donald Trump's economic agenda: Taxes down, wars up
特朗普的经济政策：税收降低，贸易战打响
be in full swing 在热烈进行中；处于兴盛阶段
【例】The construction project is in full swing.
建设项目正在全力进行中。
【近义词】be in full bloom 处于全盛时期
be in the height of 处于鼎盛时期
The Trump trade is already in full swing. As it became clear that Donald Trump would win the presidential election, American stocks soared, the dollar strengthened and Treasury yields jumped higher.
特朗普贸易已经全面展开。随着唐纳德·特朗普将赢得总统大选的形势变得明朗，美国股市飙升，美元走强，国债收益率跳涨。
be in full swing 在热烈进行中；处于兴盛阶段
【例】The construction project is in full swing.
建设项目正在全力进行中。
【近义词】be in full bloom 处于全盛时期
be in the height of 处于鼎盛时期
The price movements contain two messages about the direction of Mr Trump’s economic policies. The promise of big tax cuts, combined with his zeal for deregulation, will boost growth, especially in the short term.
这些价格走势包含两条有关特朗普经济政策走向的信息。第一是大幅减税的承诺再加上他对放松监管的热情将促进经济增长，尤其是短期内的经济。
deregulation n. 放松监管；撤销管制
【例】the deregulation of markets 对市场放松监管
【拓展】delegation n. 放权；权力下放
streamlining n. 简政；组织瘦身
spectre n. 幽灵；恐慌；忧虑
【例】The country is haunted by the spectre of civil war.
内战彷佛一触即发，举国上下一片恐慌。
【搭配】raise the spectre of sth 引起了对某事的忧虑
undercut v. 削弱；暗中破坏
【例】to undercut a plan 破坏计划
to undercut his authority 削弱他的权威
【近义词】undermine v. 削弱；破坏
weaken v. 削弱
damage v. 损害；破坏
But the spectre of tariffs and a crackdown on immigration may drive up inflation and, eventually, undercut America’s economic strengths.
第二是阴魂不散的关税和对移民的打击可能会推高通货膨胀，最终削弱美国的经济实力。
deregulation n. 放松监管；撤销管制
【例】the deregulation of markets 对市场放松监管
【拓展】delegation n. 放权；权力下放
streamlining n. 简政；组织瘦身
spectre n. 幽灵；恐慌；忧虑
【例】The country is haunted by the spectre of civil war.
内战彷佛一触即发，举国上下一片恐慌。
【搭配】raise the spectre of sth 引起了对某事的忧虑
undercut v. 削弱；暗中破坏
【例】to undercut a plan 破坏计划
to undercut his authority 削弱他的权威
【近义词】undermine v. 削弱；破坏
weaken v. 削弱
damage v. 损害；破坏
Gauging the potential impact of Mr Trump’s policies is, however, no easy task. As ever with him, there is uncertainty about whether he means all that he says. He is, for instance, obviously fond of tariffs but he may also, sometimes, treat them as leverage with other countries rather than as end goals.
然而，判断特朗普政策的潜在影响并非易事。就像他以往一样，他说的话是否都是真心的还不确定。比如，他显然喜欢关税，但有时他可能将关税视为撬动其他国家的杠杆/影响其他国家的手段，而不是最终目标。
gauge v. 测量；判断；估计
【例】to gauge her mood 揣摩她的心思
to gauge the time 判断时间
You just want to gauge my reaction.
你只是想看看我有什么反应。
leverage n. 杠杆；（间接）影响力
【例】Without military leverage, peaceful mediation was not working.
没有军事上的影响力，和平调停就不起作用。
There is also uncertainty about how much he will be able to achieve. Mr Trump’s team has evolved from the chaos of his first term into what appears to be a more finely oiled operation.
对于他能落实多少政策也存在不确定性。特朗普的团队经历了他混乱的第一任期后，已经成长为一个似乎运转更加良好的组织。
chaos n. 混乱；杂乱
【例】The house was in chaos after the party.
派对结束后，房子里乱七八糟。
【拓展】chaotic adj. 混乱的
【近义词】disorder/mess n. 混乱；凌乱
be on track for sth 走在通往……的道路上
【例】The economy is on track for revival.
经济有望复苏。
【拓展】back on track 重回正轨
be on the right/wrong track 走在正确/错误的道路上
resounding adj. 响亮的；巨大的；彻底的
【例】a resounding defeat 彻底失败；惨败
a resounding success 圆满成功
And Republicans are on track for a trifecta, as Mr Trump’s resounding victory is likely to come alongside a solid majority in the Senate and a narrower one in the House of Representatives.
而且共和党人有望获得三连胜，特朗普的巨大胜利很可能伴随着共和党在参议院的绝对多数席位，以及在众议院的微弱多数席位。
chaos n. 混乱；杂乱
【例】The house was in chaos after the party.
派对结束后，房子里乱七八糟。
【拓展】chaotic adj. 混乱的
【近义词】disorder/mess n. 混乱；凌乱
be on track for sth 走在通往……的道路上
【例】The economy is on track for revival.
经济有望复苏。
【拓展】back on track 重回正轨
be on the right/wrong track 走在正确/错误的道路上
resounding adj. 响亮的；巨大的；彻底的
【例】a resounding defeat 彻底失败；惨败
a resounding success 圆满成功
Still, moderates in the party will have the clout to whittle down some of his agenda.
不过，共和党内的温和派会有牵制特朗普政策的势力。
clout n. 势力；影响力
【例】He has a lot of clout in Parliament.
他在议会里很有势力。
【辨析】cloud n. 云
whittle down 减少；缩减
【例】to whittle down expenses 削减开支
to whittle down the team 减少团队人数
【近义词】cut/scale down 减少；缩减
loom v. 阴影耸现；逼近
【例】A dark shape loomed ahead of us.
一个黑糊糊的影子隐隐出现在我们的前面。
The prospect of war loomed large.
战争的阴影在逼近。
Mr Trump’s economic programme can be divided into three main categories: lower taxes, sweeping deregulation and higher tariffs. He also has some broader policies—in particular, a looming crackdown on immigration—that could have a profound effect on the economy.
特朗普的经济计划可以分为三个主要类别：降低税收、全面放松监管、提高关税。他还有一些更广泛的政策——特别是即将对移民进行打击——可能会对经济产生深远影响。
clout n. 势力；影响力
【例】He has a lot of clout in Parliament.
他在议会里很有势力。
【辨析】cloud n. 云
whittle down 减少；缩减
【例】to whittle down expenses 削减开支
to whittle down the team 减少团队人数
【近义词】cut/scale down 减少；缩减
loom v. 阴影耸现；逼近
【例】A dark shape loomed ahead of us.
一个黑糊糊的影子隐隐出现在我们的前面。
The prospect of war loomed large.
战争的阴影在逼近。
Start with the biggest source of immediate excitement for investors and company executives: the sugar rush of tax cuts and, just as importantly, an end to the spectre of tax increases. Kamala Harris had called for raising the corporate-tax rate from 21% to 28% and introducing a tax on unrealised capital gains.
首先是让投资者和公司高管们立即感到兴奋的最大来源：减税带来的甜蜜冲击，以及同样重要的：增税阴影的消散。卡玛拉·哈里斯曾主张将企业税率从21%提高到 28%，并对未实现资本收益征税。
call for 公开要求；呼吁
【例】The opposition have called for him to resign.
反对派已要求他辞职。
【近义词】advocate v. 公开支持；提倡
off the table 不在桌面上；不被考虑
【例】A bonus this year is definitely off the table.
今年的奖金就别想了。
【反义词】on the table 在桌面上；可以考虑的
【例】The offer is still on the table.
这个提议还可以再考虑一下。
To the great relief of many on Wall Street, those proposals are now off the table. Instead, the Republican sweep could, in theory, open the door for Mr Trump to slash taxes.
令华尔街许多人大松了一口气的是，这些提议现在已被弃置。相反，从理论上讲，共和党的全胜可能会为特朗普减税打开大门。
call for 公开要求；呼吁
【例】The opposition have called for him to resign.
反对派已要求他辞职。
【近义词】advocate v. 公开支持；提倡
off the table 不在桌面上；不被考虑
【例】A bonus this year is definitely off the table.
今年的奖金就别想了。
【反义词】on the table 在桌面上；可以考虑的
【例】The offer is still on the table.
这个提议还可以再考虑一下。
His priority will be to extend the cuts in personal income tax he made in 2017, which are due to expire at the end of next year. He has talked about reducing the corporate-tax rate, perhaps to 15%. And he has also floated a dizzying array of other possible cuts, including ending taxes on tips.
特朗普的首要任务将是延长他在2017年实施的个人所得税削减政策，该政策将于明年年底到期。他已谈到降低企业税率，也许会降至15%。并且他还提出了一系列令人眼花缭乱的其他可能的削减措施，包括结束对小费征税。
be due to do sth (at some time) 到某个时间要做某事
【例】He is due to start school in September.
他9月份开学。
float v. 提出（想法、建议等）
【例】to float an idea 提出一个想法
【近义词】suggest/propose v. 提出（想法、建议等）
put forward sth 提出（想法、建议等）
课后练习
One of the predictions of Trump's economic policies is that ____.
A. Tax cuts and deregulation will slow down economic growth.
B. Companies will have to face stricter regulations and higher taxes.
C. The immigration policy will weaken the economy in the long term.
D. The lower interest rates and the stronger dollar will boost the economy.
The uncertainty of Trump's policies may come from ____.
A. his habit of breaking promises
B. the retaliation from other countries
C. the chaotic organization of his team
D. the interference from the moderates
What makes company executives excited?
A. The prospect of a significant decrease in taxes.
B. The end of Kamala Harris's tight control over business.
C. The opportunity of greater gains from capital and investment.
D. The Republican’s support of liberal markets and fair competition.
The management is trying to ____ the damage that the scandal has caused to the company.
A. undercut
B. loom
C. gauge
D. float
