Europe set to export more to the US under Trump, says ex-Treasury Secretary Snow

The U.S. is set to become one of Europe's largest importers under a Trump administration, former Treasury Secretary John W. Snow has said.

Snow, who served under President George W. Bush, told CNBC Wednesday that U.S. President Donald Trump's aggressive growth policies are set to bode well for both the domestic U.S. economy and the global economy more widely.

President Trump made his first address to Congress Tuesday evening, in which he outlines plans to create jobs, reduce regulation and lower taxes, amongst other measures.

"I will predict a good, strong tax bill with much lower corporate rates and individual rates coming out of the Congress sometime later this year," said Snow, now chairman of Cerberus Capital Management.

"That will be very, very positive, and it explains why the equity markets in the U.S., and really the rest of the world, have gone up so much since his election.

"As America grows and becomes more prosperous, it will enable us to buy a lot more from you (Europe) – you're going to be exporting a lot more to the United States."

Responding to concerns that President Trump's hereto hard-line policy stance could create friction in international relations, Snow suggested that other political leaders could learn from his unconventional approach.

"European leaders should take note of why President Trump got elected: he ran against the political establishment of the country which the average voters felt was not producing good results. All across Europe you see counterparts to that: low growth, stagnant wages, concern about borders, concern about refugees, concern about loss of sovereignty.

"These are the same issues we had in the U.S. that produced Trump. I think political leaders should take note of the Trump phenomenon because it isn't limited to the United States."

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