On Thursday, 15 May 2025, the Institute of Public Finance hosted a guest lecture by Robert Sonora from the University of Montana, U.S. His presentation focused on how the return of Donald Trump to the political stage is influencing global trade and economic policy.

At the core of Trump’s economic agenda are protective tariffs aimed at reindustrializing the U.S., tax cuts not offset by tariff revenues, rising fiscal deficits and public debt, and an overhaul of global trade rules.

His policy approach includes several defining features: tariffs are employed not only for economic protection but also as tools in geopolitical and strategic negotiations. The agenda promotes broad tax cuts, particularly for corporations, alongside efforts to reduce public spending and limit the role of government. It also offers strong incentives for reshoring production and investing in domestic industry, based on the belief that short-term disruptions will bring long-term benefits such as job creation and greater economic self-sufficiency.

The open and engaging discussion was moderated by Leonarda Srdelić, researcher at the Institute of Public Finance. The presentation is also available.