We enthusiastically endorse President Trump's economic agenda to create jobs and restore economic growth.
We believe the President's Tax Cuts and Jobs Act (TCJA), which lowered the corporate income marginal tax rate from 35% (previously the highest rate among OECD countries) to 21% and provides individual income tax relief for tens of millions of middle-class Americans, will bolster economic growth, wage growth and job growth both in the short-term and long-run.
We commend the President's record setting reduction in the number of new federal statutes and his administration's efforts to adopt a regulatory budget. We believe this will have a significantly positive impact on economic growth by providing relief to businesses that previously were hampered by unnecessary regulations set forth by previous administrations.
We believe that reciprocal free trade with lower trade barriers on all sides produces higher overall economic growth and hope that the President's efforts to negotiate better trade deals, including willingness to re-enter the Trans Pacific Partnership (TPP), will bring about a stronger long-run free trade equilibrium by reducing trade barriers and opening markets that were previously closed to American businesses.
We hope that Chinese President Xi's stated willingness to reduce China's 25% auto tariff will be honored and is an early sign that President Trump's negotiations to promote trade are working.
The combination of a more competitive tax environment, fewer burdensome regulations, and negotiations to lower overall trade barriers has already played a role in improving consumer sentiment, business sentiment and the economic growth trajectory of the economy since the beginning of 2017.
The Congressional Budget Office (CBO) now estimates that U.S. real GDP will grow above 3.0% in 2018 which we believe is another bellwether of an improved outlook on economic growth, in part resulting from the President's pro-growth economic policy agenda.
We reject the notion that the economic stagnation realized since the 2007-2009 recession is the best our economy can generate. Reversing the poor economic policies of the previous administration will once again unleash the economic potential of the most productive, innovative economy in the world.
We believe that the President's economic policy efforts are a strong step in the right direction to restore long-run economic growth and opportunity for all Americans.

「Economists In Support of President Trump's Economic Policy Agenda(トランプ大統領の経済政策プランを支持する経済学者)」と題されたこの書簡には、100人以上の署名が寄せられている*1


In 1930, 1,028 economists urged Congress to reject the protectionist Smoot-Hawley Tariff Act. Today, Americans face a host of new protectionist activity, including threats to withdraw from trade agreements, misguided calls for new tariffs in response to trade imbalances, and the imposition of tariffs on washing machines, solar components, and even steel and aluminum used by U.S. manufacturers.
Congress did not take economists’ advice in 1930, and Americans across the country paid the price. The undersigned economists and teachers of economics strongly urge you not to repeat that mistake. Much has changed since 1930 -- for example, trade is now significantly more important to our economy -- but the fundamental economic principles as explained at the time have not: [note -- the following text is taken from the 1930 letter]

We are convinced that increased protective duties would be a mistake. They would operate, in general, to increase the prices which domestic consumers would have to pay. A higher level of protection would raise the cost of living and injure the great majority of our citizens.
Few people could hope to gain from such a change. Construction, transportation and public utility workers, professional people and those employed in banks, hotels, newspaper offices, in the wholesale and retail trades, and scores of other occupations would clearly lose, since they produce no products which could be protected by tariff barriers.
The vast majority of farmers, also, would lose through increased duties, and in a double fashion. First, as consumers they would have to pay still higher prices for the products, made of textiles, chemicals, iron, and steel, which they buy. Second, as producers, their ability to sell their products would be further restricted by barriers placed in the way of foreigners who wished to sell goods to us.
Our export trade, in general, would suffer. Countries cannot permanently buy from us unless they are permitted to sell to us, and the more we restrict the importation of goods from them by means of ever higher tariffs the more we reduce the possibility of our exporting to them. Such action would inevitably provoke other countries to pay us back in kind by levying retaliatory duties against our goods.
Finally, we would urge our Government to consider the bitterness which a policy of higher tariffs would inevitably inject into our international relations. A tariff war does not furnish good soil for the growth of world peace.



「Open Letter to President Trump and Congress(トランプ大統領と議会への公開書簡)」と題されたこの書簡には、1100人以上の署名が寄せられている。
ちなみにマンキューは両書簡へのリンクの後に「You can guess which one I signed.(どちらに私が署名したかはお分かりだろう)」と書き添えている。