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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Tax Cuts, De-Regulation and Border Adjustment

Perspectives

Tax Cuts, De-Regulation and Border Adjustment

Steven Wieting

By Steven Wieting

Chief Investment Strategist and Chief Economist

March 2, 2017Posted InInvestment Strategy and Investments

- President Trump’s speech to the joint session of the U.S. Congress has revived confidence that the unified Republican government will pass substantial U.S. personal and corporate income tax cuts this year, likely before the August recess. This is in line with our long-held views, yet recently doubted in markets.

- As one should expect in a national address, Trump did not offer highly detailed policy specifics. Months of debate and actual compromise lie ahead. However, his comments on the imbalance between high “tariffs and taxes” on U.S. exports versus low entry costs for U.S. imports suggest some version of a Border Adjustment Tax (BAT) may help finance domestic stimulus.

- Trump reiterated plans to dramatically reduce regulation on domestic business while pushing a protectionist trade agenda. At the margin, his approach to trade relations and immigration seemed somewhat more growth-friendly than in the past.

- Market Implications: Renewed confidence in U.S. fiscal action, and perhaps the specific actions that finance it, should reignite “policy divergence” between the U.S. and other markets. The trade-weighted dollar has rallied 0.7% this morning and global bond yields have jumped. For now, International equity markets have taken this divergence in stride given a more confident global growth outlook. The Citi Private Bank Global Investment Committee continues to overweight USD assets (overweight credit, fully weight U.S. equities) given the pros and cons of the new U.S. policy approach for different global asset classes.

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