第一篇：“川普紅利”帶來新的投資主題

“川普紅利”帶來新的投資主題

專訪美國某全球宏觀對沖基金首席投資官陳凱豐

■本刊特約作者 江濤

在我的微信朋友圈里，陳凱豐博士是一個“產(chǎn)學(xué)研三棲”的投資者。他既是紐約金融論壇（NYFF）聯(lián)席發(fā)起人之一，目前又是紐約某全球宏觀對沖基金合伙人和首席投資官，同時也在紐約大學(xué)、紐約佩斯大學(xué)、西班牙巴塞羅那IESE商學(xué)院紐約中心任教。在朋友圈看到陳凱豐來發(fā)的一些觀點和圖片，有一些工作和生活中的小感悟。

在7月份,陳凱豐就預(yù)測川普會在美國總統(tǒng)大選中勝出。在本周美國大選塵埃落地之時，我再次和陳凱豐做了越洋交流。川普當(dāng)選美國總統(tǒng)不是“黑天鵝”

江濤：為什么在7個月份您就判斷“川普絕對當(dāng)選”？川普的獲勝根本不是“黑天鵝”事件？

陳凱豐：每年我都會和一些朋友一起從紐約開車幾千英里去美國中部的奧馬哈參加巴菲特投資年會，在這中間會直接實地調(diào)研十幾個州。這些州的每家每戶門口經(jīng)常會插著“你喜歡某個候選人”的標(biāo)語牌。我注意到川普對希拉里的標(biāo)語牌的比例是50:1。

另外一個觀察是，紐約經(jīng)濟俱樂部基本上每個月會組織幾次活動，邀請各國政要包括聯(lián)儲主席耶倫、歐洲央行行長、西班牙國王等來討論各自的經(jīng)濟政策和觀點。而今年9月中旬，我在紐約經(jīng)濟俱樂部現(xiàn)場聽川普做經(jīng)濟策略演講的時候，全場起立鼓掌。這個情況非常特殊，這是我在紐約經(jīng)濟俱樂部參加過幾百場類似的活動中，惟一的多次全體起立鼓掌。

這說明基本上川普主張的一系列經(jīng)濟政策明顯符合了在美國有一定經(jīng)濟地位、受過一定教育的人的想法。這也說明美國總統(tǒng)大選前，主流媒體宣傳的所謂文化程度比較低的男性是川普主要支持者的論點是完全錯誤的。根據(jù)我的觀察，美國大部分的中小企業(yè)主都是支持他的。

江濤：您的觀察角度倒是比較特別。

陳凱豐：后來，我發(fā)覺我對于結(jié)果的判斷還過于謹(jǐn)慎，因為主流媒體對他的攻擊非常厲害。當(dāng)時我的判斷是川普會險勝，沒想到他會全勝。實際上，除了總統(tǒng)大選，還有各個州的州長選舉、參議院眾議院他也全面獲勝。所以川普當(dāng)選美國總統(tǒng)，并不是一個“黑天鵝”事件，只是民意調(diào)查結(jié)果和實際結(jié)果差距很大而已。“川普新政”利多美國經(jīng)濟

江濤：您能簡要地介紹一下“川普新政”的核心內(nèi)容嗎？

陳凱豐：“川普新政”從經(jīng)濟政策層面看，主要包括三個部分的內(nèi)容：減稅、減少監(jiān)管和反思貿(mào)易。

減稅是計劃將公司稅稅率從33%降低到15%，預(yù)估減稅幅度是4.4萬億美元。這個政策看起來激進，實際上已有先例，因為愛爾蘭目前的稅率水平就是如此。而且減稅可以大大降低經(jīng)營負(fù)擔(dān)，會對企業(yè)的業(yè)績刺激巨大。同時，他也提到將允許固定資產(chǎn)投資的折舊大幅加快，這也是一種減稅。美國自從2008年經(jīng)濟危機后，企業(yè)的固定資產(chǎn)投資一直很低，導(dǎo)致生產(chǎn)力增長很慢。毫無疑問，減稅對于投資的促進會是巨大的。

第二點，減少監(jiān)管。眾所周知，美國民主黨的政策一直是加強監(jiān)管，經(jīng)過2008年的經(jīng)濟

證券市場紅周刊 2016年11月14日

危機，政府的監(jiān)管可以說是變本加厲。美國的大小公司對于監(jiān)管的壓力一直是怨聲載道，包括華爾街、醫(yī)療和能源行業(yè)。而共和黨一貫堅持小政府理念，奉行減少監(jiān)管的政策。此次大選，國會也將由共和黨全面接管，一些減少監(jiān)管的法律應(yīng)該可以迅速通過。

第三點，反思貿(mào)易。川普認(rèn)為美國在很多貿(mào)易協(xié)議上都吃虧了，受到墨西哥等國對美自由貿(mào)易的沖擊。他的觀點是需要重新審視全球貿(mào)易的規(guī)則和現(xiàn)狀。最近幾年，全球化對于美國中下層的負(fù)面影響確實很明顯，因此他的政策也有民意支持。但是，共和黨傳統(tǒng)上是支持全球化、促進自由貿(mào)易的黨。

但我不認(rèn)為川普會在貿(mào)易上有重大改變，畢竟美國最大的公司都是全球化的受益方，特別是硅谷的高科技公司。

江濤：川普和希拉里的政策截然相反，不同的施政綱領(lǐng)會對一個國家未來的經(jīng)濟發(fā)展產(chǎn)生不同的影響。川普當(dāng)選美國總統(tǒng)，會對美國的經(jīng)濟增長有怎樣的影響？

陳凱豐：我認(rèn)為減稅、增加基建投資都會大幅度增加經(jīng)濟增長。川普自國經(jīng)濟增長率加倍。美國現(xiàn)在的經(jīng)濟增長率是2%，翻倍就是4%。當(dāng)然這個目標(biāo)很宏大，不一定能實現(xiàn)，但是經(jīng)濟增長加快是必然的。

川普當(dāng)選總統(tǒng)帶來的投資主題

江濤：如果美國經(jīng)濟有望增長，這會對股市產(chǎn)生何種影響？

陳凱豐：川普獲勝，實際上下一步判斷美國股市走出一輪大牛市就是很簡單的邏輯了，公司減稅、經(jīng)濟增長、加大基建投資等都是導(dǎo)致大牛市的前提。

我覺得很奇怪的是，華爾街大多數(shù)人之前沒有看到，等到選舉結(jié)果出來以后才意識到這一點。川普上臺后，能源、醫(yī)藥藥廠、金融、包括軍工會受益很大，這些都是他重點支持的行業(yè)。醫(yī)院、保險系統(tǒng)、醫(yī)保、新能源等比較受影響，這兩天的市場走勢已經(jīng)反映出來了。

江濤：作為一名全球宏觀對沖基金經(jīng)理，您會采取怎樣的策略應(yīng)對資本市場發(fā)生的變化？

陳凱豐：我們可以重點看一下川普當(dāng)選總統(tǒng)的投資主題。共和黨的傳統(tǒng)政策是自由競爭、自由貿(mào)易、市場優(yōu)勝劣汰。但是，川普不是一個傳統(tǒng)的共和黨人，他目前透露的執(zhí)政方針不多，但是基本思路是放權(quán)、減稅和減少監(jiān)管。他擬任命的能源部長是個頁巖油公司的總裁。我認(rèn)為這個選擇證實了他會扭轉(zhuǎn)很多對于傳統(tǒng)能源的限制政策。因此，能源行業(yè)、礦產(chǎn)行業(yè)是兩個對于川普當(dāng)選總統(tǒng)后最大的投資機會，可以稱之為“川普紅利”。

由于川普反對全球化，反對自由貿(mào)易的思路，美國股市的工業(yè)行業(yè)會是他的政策受益者。在美國過去的八年里，金融行業(yè)被嚴(yán)厲監(jiān)管，導(dǎo)致盈利和成長空間有限。而川普是房地產(chǎn)開發(fā)商起家，對于金融業(yè)應(yīng)該是非常熟悉。他最近提出的要拆分華爾街大銀行的建議，初看有一些爭議，但是如果合理執(zhí)行，應(yīng)該對于金融業(yè)增加專業(yè)化是好事，會充分釋放行業(yè)價值。

這里也需要提到，由于共和黨在美國國會占據(jù)多數(shù)，因此奧巴馬總統(tǒng)的很多政策都被國會壓制而無法通過。川普當(dāng)選，立法和行政都在一個黨派中，效率應(yīng)該會提高。川普的政策不支持低保，但是放松對醫(yī)藥制造企業(yè)的監(jiān)管，因此從醫(yī)療健康的投資角度來看比較復(fù)雜。我認(rèn)為大概率上可以看空醫(yī)院股票，看空醫(yī)療保險股票，看多藥廠，特別是生物制藥業(yè)的股票。

江濤：在具體的大類資產(chǎn)配置方面，您有何建議？

陳凱豐：貨幣政策層面，川普已經(jīng)提出，盡管耶倫管理聯(lián)儲做的工作值得贊賞，但是他會任命一位新的聯(lián)儲主席。相對而言，共和黨人的聯(lián)儲主席歷來比較鷹派，也許會加快退出寬松的貨幣政策，實現(xiàn)利率正常化？

財政政策上，川普明確提出要大規(guī)模增加基礎(chǔ)設(shè)施建設(shè)、給企業(yè)減稅兩個主要目標(biāo)。這也

證券市場紅周刊 2016年11月14日

必然會增加赤字，增加通貨膨脹率。這些政策主張應(yīng)該是主要有利于美國股市，對于債券市場不是好事。

從商品市場來看，能源和礦業(yè)如果被川普松綁，應(yīng)該會有投資機會。而外匯市場方面，美元和外匯市場的總體波動率會迅速提高。川普的高不可預(yù)測性會加大外匯市場波動性的可能。中美貿(mào)易應(yīng)該會正常發(fā)展

江濤：川普之前說過要換聯(lián)儲主席，您認(rèn)為美聯(lián)儲年底是否還會加息？

陳凱豐：聯(lián)儲的問題要放到大的方面來看。從大局觀來說，美國政府官員體系分為兩類人，一類是職業(yè)官員，無黨派或是跟黨派無關(guān)的。另一類是接受任命的。總統(tǒng)上任后，聯(lián)邦一級需要任命的官員大概是3000個，就是任命3000個有黨派關(guān)系的人。那么以前接受任命的3000個官員是要自動辭職走人的，而職業(yè)官員還是老樣子不變。

雖然美聯(lián)儲本身是一個獨立性的機構(gòu)，但是美聯(lián)儲主席也是有黨派的。一般情況下，民主黨總統(tǒng)會任命民主黨成員擔(dān)任美聯(lián)儲主席，這一屆美聯(lián)儲主席就是耶倫。所以，川普上臺將美聯(lián)儲主席換成共和黨成員是理所當(dāng)然的，也在大家預(yù)期之內(nèi)。至于美聯(lián)儲是否年底會加息，這有很多細節(jié)的問題。

江濤：川普的經(jīng)濟政策對國內(nèi)企業(yè)會帶來怎樣的影響？

陳凱豐：對于國內(nèi)的行業(yè)現(xiàn)在還很難說，相信對于跟美國相對應(yīng)的能源、基建行業(yè)會有利好，像新能源、高科技等領(lǐng)域會受些影響，不過目前真的還很難說。

江濤：您對未來中美貿(mào)易關(guān)系的走向有何判斷？

陳凱豐：中美貿(mào)易作為世界最大的兩個貿(mào)易體，應(yīng)該還是會正常發(fā)展。川普是一個在全世界都有投資的人，雖然他說了很多反對全球化貿(mào)易的事情，但是實際上真正的經(jīng)濟政策有可能對一些非法移民，比如墨西哥的壓力會比較大，但是未必會對中國產(chǎn)生影響，中美貿(mào)易應(yīng)該是正常進行的。

我認(rèn)為川普是個非常聰明的人，他做事情一定會考慮前因后果，不管是投資、貿(mào)易還是其他方面。所以，你千萬不要根據(jù)他的言論來判斷，很多時候那些言論是為了選舉用的，他真正當(dāng)選后，會有很多非常實際的經(jīng)濟政策出臺。■

證券市場紅周刊 2016年11月14日

第二篇：《川普傳》

你必須擁有一定的稟賦-川普

他是個傳奇人物，一生起伏跌宕。現(xiàn)在沒有低潮，未來只有高潮。美國98%的人認(rèn)識他，而現(xiàn)在通過全球媒體的傳播，全球至少有50%的人已經(jīng)認(rèn)識了他。他是一位準(zhǔn)備“讓美國再次強大”的總統(tǒng)參選人，無論是他卓越常青的文化事業(yè)，還是如火如荼進軍政界參選美國總統(tǒng)，都折射出他的處事經(jīng)營之道。

本書是國內(nèi)首部掰開，揉碎，從前世到今生，多角度，全方位細細講述，解讀川普的書。通過11個章節(jié)全面展示了唐納德川普這個傳奇人物。讓讀者通過了解他的奮斗歷程，從中吸取力量。川普傳的作者李霖是個美國歷史研究愛好者，政治人物行為研究家，“川普”現(xiàn)象的探索先鋒，對川普有深刻的了解，一直想向世人展示一個不一樣的億萬富翁，不走尋常路的川普。本書前八章從“野性少年初長成”到“競選之路”是按時間順序?qū)懙模試?yán)肅和較客觀的格調(diào)描寫了川普的成長歷程中的起伏跌宕。九十兩章分別講述了他的軼事，包括他與其他總統(tǒng)參選人的罵戰(zhàn)，奢華的生活，不尋常的婚姻等等，介紹了奇葩大亨的另類人生。

而最后一章作者很慷慨真誠地向作者推薦了“川普成功學(xué)”，數(shù)篇文章分別提到并解釋川普的品牌營銷藝術(shù)，跟川普學(xué)談判，做生意等，具有比較高的教育意義。但凡記傳，特別是為一個人記，作者的個人感情被強加其中是難免的，李霖顯然比較喜歡川普，但是對于川普的失敗經(jīng)營，失敗的婚姻并沒有掩飾，只是用了較多的筆墨書寫了他的卷土重來和輝煌業(yè)績。其實這也是事實，2016年時，川普已是古稀之年，然而經(jīng)歷數(shù)次破產(chǎn)他又重登福布斯富人榜并參選總統(tǒng)，不得不承認(rèn)川普的人生是成功的。在閱讀期間必定會認(rèn)為事情發(fā)展過于迅速，讓愿意細細品味的讀者有種沒弄清原由或者意猶未盡的感覺。但是讀者反而可以從中感受川普在經(jīng)商歷程中的拳腳大施和處機應(yīng)變。總而言之，這是一本中國研究者客觀的顯現(xiàn)川普的一本書。

第三篇：川普就職演講

川普就職演講

Finally, we must think big and dream even bigger.In America, we understand that a nation is only living as long as it is striving.We will no longer accept politicians who are all talk and no action, constantly complaining, but never doing anything about it.Chief Justice Roberts, President Carter, President Clinton, President Bush, President Obama, fellow Americans and people of the world, thank you.羅伯茲首席大法官、卡特總統(tǒng)、柯林頓總統(tǒng)、布希總統(tǒng)、歐巴馬總統(tǒng)、美國同胞和世界人民，謝謝。

We, the citizens of America, are now joined in a great national effort to rebuild our country and restore its promise for all of our people.我們，美國人民，現(xiàn)在加入重建我國，恢復(fù)對所有人承諾的一項偉大全國努力。Together, we will determine the course of America and the world for many, many years to come.We will face challenges, we will confront hardships, but we will get the job done.團結(jié)一致，我們將決定美國和世界未來多年的路線。我們將面臨挑戰(zhàn)，我們將面對困難，但是我們將完成任務(wù)。

Every four years, we gather on these steps to carry out the orderly and peaceful transfer of power, and we are grateful to President Obama and First Lady Michelle Obama for their gracious aid throughout this transition.They have been magnificent.Thank you.每隔四年，我們聚集在此進行井然有序、平和的政權(quán)轉(zhuǎn)移，我們感謝歐巴馬總統(tǒng)和第一夫人米雪兒在過度期間的親切協(xié)助。他們太棒了，謝謝。

Today's ceremony, however, has very special meaning because today, we are not merely transferring power from one administration to another or from one party to another, but we are transferring power from Washington, D.C.and giving it back to you, the people.但是，今天的儀式有特別的意義，因為今天我們不僅只是政府把權(quán)力交給下一任政府，或是一個政黨交給另一政黨，而是從華府把權(quán)力交回給你們，就是人民。For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost.Washington flourished, but the people did not share in its wealth.Politicians prospered, but the jobs left and the factories closed.The establishment protected itself, but not the citizens of our country.Their victories have not been your victories.Their triumphs have not been your triumphs.And while they celebrated in our nation's capital, there was little to celebrate for struggling families all across our land.有太久的時間，一小群人在國家首都獲得政府獎勵，人民卻承受代價。華府欣欣向榮，但是人民卻未共享財富。政客平步青雲(yún)，但是工作離開，工廠關(guān)閉。既有體制自我保護，卻不保護我國的人民。他們的勝利不是你們的勝利。他們在國家首都慶祝時，全國各地陷入困境的家庭，沒什麼好慶祝。

That all changes starting right here and right now because this moment is your moment, it belongs to you.所有這些情況，從現(xiàn)在開始改變，因為這個時刻是你們的時刻，屬於你們。It belongs to everyone gathered here today and everyone watching all across America.This is your day.This is your celebration.And this, the United States of America, is your country.這個時刻屬於今天在此聚集的每個人，以及美國各地的所有觀眾。這是你們的日子，這是你們的慶祝，美利堅合眾國是你們的國家。

What truly matters is not which party controls our government, but whether our government is controlled by the people.真正重要的不是哪個政黨控制政府，而是我們政府是否由人民控制。

January 20th, 2017 will be remembered as the day the people became the rulers of this nation again.The forgotten men and women of our country will be forgotten no longer.2017年1月20日，將被紀(jì)念為人民再度成為這個國家統(tǒng)治者的一天。我國被遺忘的男女，將不再被遺忘。

Everyone is listening to you now.You came by the tens of millions to become part of a historic movement, the likes of which the world has never seen before.每個人都在聽你們，幾百萬人來此以成為歷史性運動的一部分，這個運動將是世界從未見過的。

At the center of this movement is a crucial conviction, that a nation exists to serve its citizens.Americans want great schools for their children, safe neighborhoods for their families, and good jobs for themselves.These are just and reasonable demands of righteous people and a righteous public.這個運動的中心，是一項關(guān)鍵確信，那就是一個國家存在是為了服務(wù)人民。美國人想要子女上好學(xué)校，家庭住在安全社區(qū)，自己有好工作。這些是人民理所當(dāng)然的合理要求。But for too many of our citizens, a different reality exists: mothers and children trapped in poverty in our inner cities;rusted out factories scattered like tombstones across the landscape of our nation;an education system flush with cash, but which leaves our young and beautiful students deprived of all knowledge;and the crime and the gangs and the drugs that have stolen too many lives and robbed our country of so much unrealized potential.但是對我們太多人而言，卻存在一個不同現(xiàn)實：母親和孩子被困在城市貧民區(qū)的貧窮，荒廢的工廠像墓碑一樣散布在全國各地，教育系統(tǒng)現(xiàn)金多多，卻讓我們年輕可愛的學(xué)生學(xué)不到知識，犯罪、幫派和毒品奪走太多人的生命，也搶走我國未能發(fā)揮的潛力。

This American carnage stops right here and stops right now.這場美國大屠殺現(xiàn)在就停止。

We are one nation and their pain is our pain.Their dreams are our dreams.And their success will be our success.We share one heart, one home, and one glorious destiny.The oath of office I take today is an oath of allegiance to all Americans.我們是同一國，他們的痛苦是我們的痛苦，他們的夢想是的夢想，他們的成功將是我們的成功。我們有同一個心，同一個家，同一個光榮的命運。我今天宣誓的就職誓詞，是效忠所有美國人的誓詞。

For many decades, we've enriched foreign industry at the expense of American industry;subsidized the armies of other countries, while allowing for the very sad depletion of our military.We've defended other nations' borders while refusing to defend our own.數(shù)十年來，我們犧牲美國工業(yè)，讓外國工業(yè)致富，補助他國的軍隊，卻讓我國軍隊令人難過的耗減，我們捍衛(wèi)別國的邊界，卻拒絕捍衛(wèi)我們自己的邊界。And spent trillions and trillions of dollars overseas while America's infrastructure has fallen into disrepair and decay.We've made other countries rich, while the wealth, strength and confidence of our country has dissipated over the horizon.在海外不斷花巨款，卻讓美國的基礎(chǔ)設(shè)施衰退凋零。我們幫助其他國家變富有，但是美國的財富、力量和信心卻逐漸消散。

One by one, the factories shuttered and left our shores, with not even a thought about the millions and millions of American workers that were left behind.The wealth of our middle class has been ripped from their homes and then redistributed all across the world.工廠一個接一個關(guān)，離開美國，根本未考慮成千上萬的美國工人失業(yè)。中產(chǎn)階級的財富從他們家中被奪走，然後重新在全世界分配。But that is the past.And now, we are looking only to the future.但這是過去。現(xiàn)在，我們只瞻望未來。

We assembled here today are issuing a new decree to be heard in every city, in every foreign capital, and in every hall of power.我們今天聚集在此發(fā)出一條新法令，要讓每個都市、每個外國首都和每個權(quán)力殿堂都聽見。

From this day forward, a new vision will govern our land.From this day forward, it's going to be only America first, America first.從今天開始，新的願景將會治理我們的土地。從此刻開始，將只是美國優(yōu)先，美國優(yōu)先。

Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families.We must protect our borders from the ravages of other countries making our products, stealing our companies and destroying our jobs.在貿(mào)易、稅制、移民、外交事務(wù)的每項決定，將以惠及美國勞工和美國家庭為目的。我們必須保護我們的邊界，以免其他國家破壞，製造我們產(chǎn)品、竊取我們的公司、以及消滅我們的工作。

Protection will lead to great prosperity and strength.I will fight for you with every breath in my body and I will never ever let you down.America will start winning again, winning like never before.We will bring back our jobs.We will bring back our borders.We will bring back our wealth.And we will bring back our dreams.保護將會帶來偉大的繁榮和力量。我將會竭力為你們奮戰(zhàn)，我永遠不會讓你們失望。美國將會開始再度勝利，且是以前從未曾有過的勝利。我們將會拿回我們的工作，我們將會恢復(fù)我們的邊界，我們將會拿回我們的財富，我們將找回我們的夢想。

We will build new roads and highways and bridges and airports and tunnels and railways all across our wonderful nation.We will get our people off of welfare and back to work, rebuilding our country with American hands and American labor.我們將會建設(shè)新的道路、高速公路、橋樑、機場、隧道，以及遍及我們這個美好國家的鐵路。我們要我們的人民脫離福利，重新工作，用美國人的雙手和勞力，重建我們的國家。We will follow two simple rules;buy American and hire American.We will seek friendship and goodwill with the nations of the world, but we do so with the understanding that it is the right of all nations to put their own interests first.We do not seek to impose our way of life on anyone, but rather to let it shine as an example.We will shine for everyone to follow.我們將會遵循兩個簡單的法則：購買美國貨和僱用美國人。我們將會尋求世界各國的友誼和善意，但我們此舉，是基於理解把本身利益置於優(yōu)先，是所有國家的權(quán)利。我們不尋求把我們的生活方式加諸於每個人身上，而是要讓此作為典範(fàn)發(fā)揚光大，以讓所有人效法。

We will reinforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate from the face of the Earth.At the bedrock of our politics will be a total allegiance to the United States of America, and through our loyalty to our country, we will rediscover our loyalty to each other.When you open your heart to patriotism, there is no room for prejudice.我們將加強原有的聯(lián)盟，並組成新的聯(lián)盟，同時團結(jié)文明世界以對抗激進伊斯蘭恐怖主義，我們將會把他們從地球完全消滅。我們政治的基本原則將是完全效忠美國，以及透過我們對國家的忠誠，重新發(fā)現(xiàn)我們對彼此的忠誠。在你們開啟愛國之心後，偏見將無地自容。

The bible tells us how good and pleasant it is when God's people live together in unity.We must speak our minds openly, debate our disagreements honestly, but always pursue solidarity.When America is united, America is totally unstoppable.聖經(jīng)告訴我們，當(dāng)上帝的子民和睦同居，是何等的善、何等的美。我們必須坦誠發(fā)言，誠實地辯論歧見，但永遠追求團結(jié)，當(dāng)美國團結(jié)一致，無人能擋。There should be no fear.We are protected and we will always be protected.We will be protected by the great men and women of our military and law enforcement.And most importantly, we will be protected by God.我們應(yīng)當(dāng)無所懼怕。我們受到保護，而且我們一直將受到保護。我們得到我們國家偉大的男女軍人及執(zhí)法界的保護，更重要的是 The time for empty talk is over.Now arrives the hour of action.最後，我們應(yīng)思考做大事，有更大的夢想。在美國，我們瞭解一個國家只有生氣蓬勃的成長，才能生存。我們不再接受只有空談而不做事的政治人物，他們不斷地抱怨，卻從未見到他們拿出行動來。空談的時代已經(jīng)過去了，現(xiàn)在是拿出行動的時候了。

Do not allow anyone to tell you that it cannot be done.No challenge can match the heart and fight and spirit of America.We will not fail.Our country will thrive and prosper again.別讓任何人告訴那是辦不到的事。對有熱情，肯奮戰(zhàn)與有鬥志的美國人來說，沒有任何挑戰(zhàn)是太困難的。我們不會失敗，我們國家將再度蓬勃繁榮。

We stand at the birth of a new millennium, ready to unlock the mysteries of space, to free the earth from the miseries of disease, and to harness the energies, industries and technologies of tomorrow.A new national pride will stir ourselves, lift our sights and heal our divisions.我們站在一個千禧世代興起之初，準(zhǔn)備解開太空神祕的時代，解放地球受到疾病之苦的時代，並且將運用未來能源、工業(yè)與技術(shù)的時代。新的國家榮譽將激勵我們，提高我們的眼界，治癒我們的分裂

It's time to remember that old wisdom our soldiers will never forget, that whether we are black or brown or white, we all bleed the same red blood of patriots.We all enjoy the same glorious freedoms and we all salute the same great American flag.我們應(yīng)該記取我們士兵永誌不忘的座右銘，那就是不論我們是黑色、是棕色或白色皮膚，我們所流的都是相同的愛國熱血，我們享有的是相同的崇高自由，我們致敬的是相同的偉大美國國旗。

And whether a child is born in the urban sprawl of Detroit or the wind-swept plains of Nebraska, they look up at the same night sky, they will their heart with the same dreams, and they are infused with the breath of life by the same almighty Creator.不論兒童是在底特律郊區(qū)或內(nèi)布拉斯加平原出生，他們仰望的是相同的夜空，他們內(nèi)心所有的是相同的夢想，他們被同一個偉大造物主的生命氣息充滿。So to all Americans in every city near and far, small and large, from mountain to mountain, from ocean to ocean, hear these words.You will never be ignored again.對不論遠近、不論大小的每個城市的美國人，從此山到彼山，從此海到彼海，我要對你們說：你們不會再被漠視。

Your voice, your hopes, and your dreams will define our American destiny.And your courage and goodness and love will forever guide us along the way.你們聲音，你們的希望，你們的夢想，將決定美國的命運。你們的勇氣、善良和愛心，將永遠引導(dǎo)我們。

Together, we will make America strong again.We will make America wealthy again.We will make America proud again.We will make America safe again.And yes, together we will make America great again.Thank you.God bless you.And God bless America.團結(jié)一致，我們將讓美國再度強大，我們將讓美國再度富裕，我們將讓美國再度驕傲，我們將讓美國再度安全。是的，團結(jié)一致，我們會讓美國再度偉大。謝謝，天佑你們，天佑美國。

第四篇：美國總統(tǒng)川普就職演說全文

美國總統(tǒng)川普就職演說全文

Chief Justice Roberts, President Carter, President Clinton, President Bush, President Obama, fellow Americans, and people of the world: Thank you.首席大法官羅伯茨先生、卡特前總統(tǒng)、克林頓前總統(tǒng)、布什前總統(tǒng)、奧巴馬前總統(tǒng)、各位美國同胞、世界人民：感謝你們！

We, the citizens of America, are now joined in a great national effort to rebuild our country and to restore its promise for all of our people.各位美國公民，我們現(xiàn)在正參與到一項偉大的全國性事業(yè)當(dāng)中：重建我們的國家、重塑對全體人民的承諾。

Together, we will determine the course of America, and the world, for many, many years to come.我們一起將決定未來多年來美國、甚至整個世界的前途命運！

We will face challenges.We will confront hardships.But we will get the job done.我們將面對挑戰(zhàn)、我們會遭遇困難，但是這項事業(yè)終將會成功！

Every four years, we gather on these steps to carry out the orderly and peaceful transfer of power, and we are grateful to President Obama and First Lady Michelle Obama for their gracious aid throughout this transition.They have been magnificent.每過四年，我們都相聚在這里進行有序和平的權(quán)力交接，我們應(yīng)該感謝奧巴馬總統(tǒng)和第一夫人米歇爾，感謝他們在權(quán)力交接中給與我們的慷慨幫助。他們真的很棒！

Today’s ceremony, however, has very special meaning.Because today we are not merely transferring power from one administration to another, or from one party to anotherbut the people did not share in its wealth.華盛頓一派繁榮——但是人民卻沒有分享到應(yīng)有的財富。

Politicians prosperedstarting right here, and right now, because this moment is your moment: it belongs to you.但這些都會改變——就從這兒開始、就從現(xiàn)在開始！因為你們的時刻來臨了：這一刻屬于你們！

It belongs to everyone gathered here today and everyone watching all across America.這次勝利屬于所有聚集在這里的人、屬于全美國所有正在觀看這次典禮的人！

This is your day.This is your celebration.這是屬于你們的一天、這是屬于你們的慶祝日！

And this, the United States of America, is your country.而這個國家——美利堅合眾國，也是你們的國家。

What truly matters is not which party controls our government, but whether our government is controlled by the people.真正重要的并不是我們的政府由哪一個政黨掌控，而是我們的政府到底是不是由人民做主。

January 20th, 2017, will be remembered as the day the people became the rulers of this nation again.2017年1月20日，這一天將被永遠銘記，人民重新成為了這個國家的主宰！

The forgotten men and women of our country will be forgotten no longer.那些曾經(jīng)被忽視的人將不會再被遺忘！

Everyone is listening to you now.現(xiàn)在所有人都在傾聽你們。

You came by the tens of millions to become part of a historic movement the likes of which the world has never seen before.你們數(shù)以千萬計的人投入到這場歷史運動中，這樣的事情世界上從來沒有過！At the center of this movement is a crucial conviction: that a nation exists to serve its citizens.這場就職典禮的中心是一個極其重要的信念：國家是為服務(wù)人民而存在的！

Americans want great schools for their children, safe neighborhoods for their families, and good jobs for themselves.美國人民想要為他們的孩子提供良好的學(xué)校教育、為他們的家庭提供安全的生活環(huán)境、為他們自己提供好的就業(yè)崗位。

These are the just and reasonable demands of righteous people and a righteous public.這些是正直的人民和正直的公眾所發(fā)出的公正合理的要求！

But for too many of our citizens, a different reality exists: Mothers and children trapped in poverty in our inner cities;rusted-out factories scattered like tombstones across the landscape of our nation;an education system, flush with cash, but which leaves our young and beautiful students deprived of all knowledge;and the crime and the gangs and the drugs that have stolen too many lives and robbed our country of so much unrealized potential.但是許多公民的境況和我們的期望并不相符：在內(nèi)城里，母親和孩子困頓于貧窮之中；銹跡斑斑的工廠像墓碑一樣遍布我們國家的土地；教育系統(tǒng)充斥著黑暗的權(quán)錢交易，剝奪了我們年輕俊俏的學(xué)生們本該學(xué)到的知識；犯罪團伙和毒品奪走了許多人的生命、阻礙了我們國家如此之多未被開發(fā)的潛力。

This American carnage stops right here and stops right now.我們國家的這些屠殺行為將從此時、此地開始，永遠地結(jié)束！

We are one nationand I will never, ever let you down.為了你們，我將拼盡每一口氣奮戰(zhàn)到底——而我永遠不會讓你們失望！

America will start winning again, winning like never before.美國將重新成為勝者，它的勝利將遠超往昔一切榮光！

We will bring back our jobs.We will bring back our borders.We will bring back our wealth.And we will bring back our dreams.我們將奪回屬于我們的工作；我們將重新守住我們的邊疆；我們將拿回屬于我們的財富；我們將重拾我們的夢想。

We will build new roads, and highways, and bridges, and airports, and tunnels, and railways all across our wonderful nation.在我們遼闊壯麗的國土之上，我們將重建我們的道路、高速公路、橋梁、機場、隧道和鐵路。

We will get our people off of welfare and back to workbut we do so with the understanding that it is the right of all nations to put their own interests first.我們也將和世界其他國家和睦修好——但是卻有一個共同原則：所有國家都有權(quán)以自己的利益優(yōu)先。

We do not seek to impose our way of life on anyone, but rather to let it shine as an examplefor everyone to follow.我們不尋求把自己的生活方式強加于別人，但是卻更加期望它發(fā)揮榜樣的光輝——我們也能夠做到，讓所有愿意效仿我們的人都能感受到這種榜樣的力量。

We will reinforce old alliances and form new oneswe are protected, and we will always be protected.我們不應(yīng)在心存恐懼——我們會被保護，我們永遠都將受到保護！

We will be protected by the great men and women of our military and law enforcement and, most importantly, we will be protected by God.軍隊和執(zhí)法部門這些優(yōu)秀的男男女女們都將保護我們，更重要的是，上帝會保護我們！

Finally, we must think big and dream even bigger.最后，我們要敢想、敢做夢！

In America, we understand that a nation is only living as long as it is striving.在美國，我們明白一個國家只有不斷進取才能夠生存下去。

We will no longer accept politicians who are all talk and no action-constantly complaining but never doing anything about it.我們不會再接納那些只說不做、只會抱怨而從不試圖做出改變的政客。

The time for empty talk is over.大談空話的時代已經(jīng)結(jié)束了！

Now arrives the hour of action.現(xiàn)在是實干的時間！

Do not allow anyone to tell you that it cannot be done.No challenge can match the heart and fight and spirit of America.不要聽信任何人說你不可能成功。美國人的心性、戰(zhàn)斗力和精神可以克服任何挑戰(zhàn)。

We will not fail.Our country will thrive and prosper again.我們不會失敗，我們的國家將會再次繁榮和發(fā)展起來！

We stand at the birth of a new millennium, ready to unlock the mysteries of space, to free the Earth from the miseries of disease, and to harness the energies, industries and technologies of tomorrow.我們正迎來一個新的世紀(jì)，準(zhǔn)備好破解太空的奧秘、將世界從病魔的折磨中解脫、駕馭未來的能源、產(chǎn)業(yè)和科技。

A new national pride will stir our souls, lift our sights, and heal our divisions.一種新的國家榮譽感將在我們心中激蕩，提升我們視野、愈合我們的分裂。

It is time to remember that old wisdom our soldiers will never forget: that whether we are black or brown or white, we all bleed the same red blood of patriots, we all enjoy the same glorious freedoms, and we all salute the same great American Flag.現(xiàn)在是時候讓美國的戰(zhàn)士們記起將來絕不會忘記的古老智慧：無論我們是黑皮膚、黃皮膚、還是白皮膚，我們都流淌著愛國主義的鮮血，我們共同享受自由的光輝，我們共同向偉大的美國國旗致敬！

And whether a child is born in the urban sprawl of Detroit or the windswept plains of Nebraska, they look up at the same night sky, they fill their heart with the same dreams, and they are infused with the breath of life by the same almighty Creator.無論我們的孩子是出生在底特律城郊，還是出生在內(nèi)布拉斯加州被風(fēng)吹拂的平原上，他們抬頭仰望的都是同一片夜空，他們內(nèi)心都懷揣著同樣的夢想，他們的生命都由同一個萬能的主所賦予。

So to all Americans, in every city near and far, small and large, from mountain to mountain, and from ocean to ocean, hear these words: 因此所有的美國人，無論遠近，即便遠隔萬水千山，你們也要記住：

You will never be ignored again.你們再也不會被忽視！

Your voice, your hopes, and your dreams, will define our American destiny.And your courage and goodness and love will forever guide us along the way.你們的聲音、你們的希望和你們的夢想，將決定我們美國人的命運！你們的勇氣、你們是善意和你們的愛，將永遠指引我們的方向！

Together, we will make America strong again.我們會讓美國再次強大！We will make America wealthy again.我們會讓美國再次富有！

We will make America proud again.我們會讓美國再次驕傲！

We will make America safe again.我們會讓美國再次安全！

And, yes, together, we will make America great again.是的當(dāng)然，我們還會讓美國再次強大！

Thank you, God bless you, and God bless America.Thank you.God bless America.謝謝你們！上帝保佑你！天佑美國！謝謝你們！天佑美國！

第五篇：川普就職演講稿

Chief Justice Roberts, President Carter, President Clinton, President Bush, President Obama, fellow Americans, and people of the world: thank you.We, the citizens of America, are now joined in a great national effort to rebuild our country and to restore its promise for all of our people.Together, we will determine the course of America and the world for years to come.We will face challenges.We will confront hardships.But we will get the job done.Every four years, we gather on these steps to carry out the orderly and peaceful transfer of power, and we are grateful to President Obama and First Lady Michelle Obama for their gracious aid throughout this transition.They have been magnificent.Today's ceremony, however, has very special meaning.Because today we are not merely transferring power from one Administration to another, or from one party to another – but we are transferring power from Washington, D.C.and giving it back to you, the American People.For too long, a small group in our nation's Capital has reaped the rewards of government while the people have borne the cost.Washington flourished – but the people did not share in its wealth.Politicians prospered – but the jobs left, and the factories closed.The establishment protected itself, but not the citizens of our country.Their victories have not been your victories;their triumphs have not been your triumphs;and while they celebrated in our nation's Capital, there was little to celebrate for struggling families all across our land.That all changes – starting right here, and right now, because this moment is your moment: it belongs to you.It belongs to everyone gathered here today and everyone watching all across America.This is your day.This is your celebration.And this, the United States of America, is your country.What truly matters is not which party controls our government, but whether our government is controlled by the people.January 20th 2017, will be remembered as the day the people became the rulers of this nation again.The forgotten men and women of our country will be forgotten no longer.Everyone is listening to you now.You came by the tens of millions to become part of a historic movement the likes of which the world has never seen before.At the center of this movement is a crucial conviction: that a nation exists to serve its citizens.Americans want great schools for their children, safe neighborhoods for their families, and good jobs for themselves.These are the just and reasonable demands of a righteous public.But for too many of our citizens, a different reality exists: Mothers and children trapped in poverty in our inner cities;rusted-out factories scattered like tombstones across the landscape of our nation;an education system, flush with cash, but which leaves our young and beautiful students deprived of knowledge;and the crime and gangs and drugs that have stolen too many lives and robbed our country of so much unrealized potential.This American carnage stops right here and stops right now.We are one nation – and their pain is our pain.Their dreams are our dreams;and their success will be our success.We share one heart, one home, and one glorious destiny.The oath of office I take today is an oath of allegiance to all Americans.For many decades, we've enriched foreign industry at the expense of American industry;Subsidized the armies of other countries while allowing for the very sad depletion of our military;We've defended other nation's borders while refusing to defend our own;And spent trillions of dollars overseas while America's infrastructure has fallen into disrepair and decay.We've made other countries rich while the wealth, strength, and confidence of our country has disappeared over the horizon.One by one, the factories shuttered and left our shores, with not even a thought about the millions upon millions of American workers left behind.The wealth of our middle class has been ripped from their homes and then redistributed across the entire world.But that is the past.And now we are looking only to the future.We assembled here today are issuing a new decree to be heard in every city, in every foreign capital, and in every hall of power.From this day forward, a new vision will govern our land.From this moment on, it's going to be America First.Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families.We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs.Protection will lead to great prosperity and strength.I will fight for you with every breath in my body – and I will never, ever let you down.America will start winning again, winning like never before.We will bring back our jobs.We will bring back our borders.We will bring back our wealth.And we will bring back our dreams.We will build new roads, and highways, and bridges, and airports, and tunnels, and railways all across our wonderful nation.We will get our people off of welfare and back to work – rebuilding our country with American hands and American labor.We will follow two simple rules: Buy American and Hire American.We will seek friendship and goodwill with the nations of the world – but we do so with the understanding that it is the right of all nations to put their own interests first.We do not seek to impose our way of life on anyone, but rather to let it shine as an example for everyone to follow.We will reinforce old alliances and form new ones – and unite the civilized world against Radical Islamic Terrorism, which we will eradicate completely from the face of the Earth.At the bedrock of our politics will be a total allegiance to the United States of America, and through our loyalty to our country, we will rediscover our loyalty to each other.When you open your heart to patriotism, there is no room for prejudice.The Bible tells us, “how good and pleasant it is when God's people live together in unity.” We must speak our minds openly, debate our disagreements honestly, but always pursue solidarity.When America is united, America is totally unstoppable.There should be no fear – we are protected, and we will always be protected.We will be protected by the great men and women of our military and law enforcement and, most importantly, we are protected by God.Finally, we must think big and dream even bigger.In America, we understand that a nation is only living as long as it is striving.We will no longer accept politicians who are all talk and no action – constantly complaining but never doing anything about it.The time for empty talk is over.Now arrives the hour of action.Do not let anyone tell you it cannot be done.No challenge can match the heart and fight and spirit of America.We will not fail.Our country will thrive and prosper again.We stand at the birth of a new millennium, ready to unlock the mysteries of space, to free the Earth from the miseries of disease, and to harness the energies, industries and technologies of tomorrow.A new national pride will stir our souls, lift our sights, and heal our divisions.It is time to remember that old wisdom our soldiers will never forget: that whether we are black or brown or white, we all bleed the same red blood of patriots, we all enjoy the same glorious freedoms, and we all salute the same great American Flag.And whether a child is born in the urban sprawl of Detroit or the windswept plains of Nebraska, they look up at the same night sky, they fill their heart with the same dreams, and they are infused with the breath of life by the same almighty Creator.So to all Americans, in every city near and far, small and large, from mountain to mountain, and from ocean to ocean, hear these words: You will never be ignored again.Your voice, your hopes, and your dreams, will define our American destiny.And your courage and goodness and love will forever guide us along the way.Together, We Will Make America Strong Again.We Will Make America Wealthy Again.We Will Make America Proud Again.We Will Make America Safe Again.And, Yes, Together, We Will Make America Great Again.Thank you, God Bless You, And God Bless America.