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Published: January 13th, 2017

MEF expert Anatoly Aksakov - about the prospects of economic cooperation between Russia and the United States during Donald Trump

At the first press conference of the newly elected US president a number of challenges that it will face had been outlined. The future US Vice President Mike Pence, handing the microphone to Donald Trump, called him "the man who has done a lot for the revival of the American economy." According to Pence, the new president is now forming a team that will return America to its former glory.

In this regard, we would like to mention one important detail: the US economic prosperity will largely depend on what will the relations between Trump and the Federal Reserve System be.

Seeing off President Barack Obama, cannot remember a difficult start of his presidency, which fell on the first years of a severe economic depression, comparable only to that of the Great Depression of the 20-30-ies of the last century. It would be to admit that the US president and his administration have taken active measures to help the economy. And the economic situation in the US for eight years has really changed for the better. This happened primarily because of the loose monetary policy of the Federal Reserve System, and to some extent the economic line that held the US administration. The fall in industrial production was replaced by growth and unemployment from 2010 to 2015, has decreased by about half.

However, at the same time it must be noted that the world community was strongly disappointed in the 44th US president, because we have not seen any implementation of the policy of peace, which all were waiting from Barack Obama, nor the stability of international relations. And there were expectations: less than a year after the election, and nine months after taking office, President Barack Obama was awarded the Nobel Peace Prize. Obviously, in this case it focused more on its peaceful rhetoric than real action.

In the end, it turned out that the US policy of recent years, which represents the outgoing president, Barack Obama, has led to the loss of stability and destruction of civil institutions in a number of African and Asian countries. Moreover, this policy has led to human losses: account is already in the hundreds of thousands of dead and wounded in these regions, including as a result of actions of the Western coalition.

As a result, Obama leaves office in a situation where the world is even more restless than before. During his reign balance of power in the world that took shape over the years and decades was destroyed and the threat of terrorism has increased significantly. In this regard, we hope that the international community is bound to his arrival on the US presidency did not materialize almost completely. Unexpectedly for American establishment the election results showed that the policy of Barack Obama has caused frustration of the American people.

Newly elected US President Donald Trump has not yet had time in his speeches to fully shape the future domestic and international policies. It is said that he is inclined to protectionism, stimulation, including administrative, development of domestic production. Major automakers already declared their decision to minimize programs in neighboring states in favor of the US. Emphasis was also made on the development of pharmaceuticals and other basic industries. In this regard, possible questions: "How all of this is consistent with the principles of the WTO?".

Obviously, sophisticated discussions with the Federal Reserve will also be carried out. The Fed is independent and quite obviously, would be to maneuver between supporting economic growth, curbing inflation and tracking emerging bubbles. The regulation of financial markets, I expect some softening of positions, including adjusting the Dodd-Frank Act, precisely defining such regulations. Recent statements by Donald Trump against Russia cautious and generally balanced, despite the fact that it reacts strongly enough to attempt to build a long-playing the scandal around the Russian hackers and "compromising".

It is obvious that the problems of international politics and the global economy can not be solved by sleight of hand, even such a powerful man as US president. And as Donald Trump says that no restart button does not exist relations and relations with Russia will develop or, or not, he probably just does not want to make rash promises. And I am optimistic and hopeful about the future of relations between our countries, knowing that Donald Trump will defend American interests first and foremost, and only then think about the rest of the world. That's only US interests are not confined within a country or even a continent, and are including in reducing tension in the world to reduce the terrorist threat. This is just one of many examples, although very obvious when the cooperation between our countries must be just.

I am confident that re-built by the United States and Russia pragmatic and mutually beneficial relations would become a good basis for the successful solution of the many problems that have accumulated. Ultimately, it is in the interests of the American people, and thus the interests of Donald Trump and his administration.

Source: izvestia