Donald Trump is struggling to enact his pro-business legislative agenda. We still think that corporate taxes will be cut early next year, but the President’s stimulus package now looks likely to be smaller than we previously thought and we are revising down our US GDP and inflation forecasts for 2017 and 2018 accordingly. The GDP forecast we present in our upcoming Global Economic and Markets Outlook for 2017 Q3 is likely to be above that of most other economists. Nevertheless,...