Trump’s Record on the Economy Actually Has Wins. Ten Things to Be Grateful for This Thanksgiving.

“Freedom from Want,” by Norman Rockwell (Corbis / VCG / Getty Images)

About the author: Christopher Smart is a managing partner of the Arbroath Group, an investment strategy consultancy, and was a senior economic policy advisor in the Obama administration.

This column is sure to spoil my Thanksgiving, as my family’s holiday table convenes a small sampling of President Donald Trump’s most rabid critics. But if you try to make sense of the global economy for a living, as I do, you know good analysis and debate require identifying what looks promising amid all that may be disastrous.

While the president’s supporters will claim that a stock market still near record highs is the best proof that he is doing a great job, I would argue that the boom in artificial-intelligence investment has masked the scars of his most destructive economic policies. The tariffs are distortive, the tax cuts have blown a fresh hole in the budget, and the attacks on courts, regulators, and universities inflict long-term damage on what really makes the U.S. great.

Still, there are promising pro-growth policies that the folks eating my turkey should acknowledge—before they banish me from the table.

European defense. There will be costs to shattering the trust of our longtime allies, yet none of Trump’s predecessors managed to get European governments to pay their fair share of defense costs. Russian President Vladimir Putin’s warmongering played a role, of course. But Trump’s tough love was critical in getting North Atlantic Treaty Organization member countries to finally commit to spending 5% of their annual gross domestic product on defense by 2032. It even forced Germany to abandon its beloved debt brake.

Canadian competition. Trump’s inexplicable tariffs and hostility toward Canada unintentionally forced Prime Minister Mark Carney to eliminate many of the internal trade barriers among provinces. The chaotic trade relations with the U.S. have darkened Canadian growth forecasts, but it’s hard to imagine these long-overdue structural reforms without the shock from Washington.

Expensing capital expenditure. Making permanent the practice of expensing capex all at once offers businesses a meaningful incentive to invest in their own growth. An attractive accounting article in the One Big Beautiful Bill Act won’t change the world, and government revenue may take a hit from this tax change in 2026. But it should deliver lasting improvement in productivity and pay for itself through expanded production, profits, and jobs.

Deregulation. Everyone hates regulation—until a plane crashes or an oil slick washes ashore. Trump’s rollback of environmental regulation and green tax credits feels especially shortsighted. But a brief conversation with anyone who runs a small business reveals how fast the layers of local, state, and federal rules add up. Simplifying regulation allows them more time to focus on building their business.

Stablecoins. Trump’s family has financial stakes in crypto businesses, which should raise eyebrows at how the administration is championing the nascent industry. Still, the passage of the Genius Act, backed with Trump’s strong support, set forth a framework for the issuance of dollar-linked stablecoins. It put the U.S. at the center of the digital currency system that seems likely to transform how money moves around the world.

Supply diversification. The Biden administration should be recognized for starting the push to bring semiconductor production to the U.S. But Trump should be credited with expanding that effort. Companies like Taiwan Semiconductor Manufacturing and Micron Technology are investing hundreds of billions of dollars in U.S. semiconductor production. Meanwhile, the administration’s frameworks to develop rare earth production and supply chains in Japan, Australia, Ukraine, and Kazakhstan look promising.

Saudi Arabia. The only thing more incendiary than bringing up Trump at Thanksgiving is mentioning the Middle East. Hard as it may be to look past misdeeds in Riyadh or Jerusalem, the region’s people, including the beleaguered Palestinians, will be richer and more secure if Trump continues to help deliver stability. And if he can get Saudi Arabia to finally recognize Israel, vast investment pools will be connected with world-class innovation.

East Asian Security. Trump’s recommitment last month to support Japanese and Korean defense with weapons and technology are welcome counterweights to the uneven trade terms he has forced on these allies. Their tariff resentments may come back to haunt Washington someday. But right now, both countries have agreed to increase their military spending. That should help underpin regional commerce and security in the shadow of China.

Border control. The administration’s often violent approach to deporting undocumented immigrants looks cruel and self-destructive. It also undermines economic growth. But if—and it is a big if—Congress manages real immigration reform in a few years, Trump may deserve some credit for intensifying political pressure around the issue.

Argentina bailout. Tossing a lifeline to embattled President Javier Milei before Argentina’s midterm election in October looked like the financial equivalent of a Hail Mary football pass. But it seems to have paid off both politically and financially. Milei’s right-wing party won a plurality of the vote, and Treasury Secretary Scott Bessent said the U.S. has already made a profit off the $20 billion swap line it offered Milei. There’s a long road ahead for debt- and inflation-ridden Argentina, but Bessent called the right play. For now, Argentina is the better for it.

I’ll admit: Some of these are a stretch. But it’s good for the soul to find bright economic spots amid a world that is shifting on its very foundations. If any of these resonate with you, please remember that I may be looking for a Thanksgiving dinner invitation next year.

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