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Business economists are sounding some sour notes about Trump administration policies, from trade to immigration to the budget, while expecting the short-term boost to growth from Republican tax cuts to lessen over time.

The National Association for Business Economics survey showed 91 per cent of respondents said current tariffs and threats of more to come were having “unfavourable consequential impacts” on the U.S. economy, according to a report released Monday. About two-thirds saw negative effects if the U.S. withdraws from the North American Free Trade Agreement with Mexico and Canada.

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In the wake of large tax cuts enacted in late 2017, the share of those saying fiscal policy is too stimulative rose to 71 per cent from 52 per cent in February, according to the responses of 251 members collected from July 19 to Aug. 2. And 81 per cent said the federal deficit’s share of gross domestic product should be reduced.