U.S. President Donald Trump stated yesterday that the tariffs he imposed may contribute to lowering income taxes for individuals earning less than $200,000 annually, amid growing concerns about his economic policies.
Trump had previously indicated the possibility of replacing income taxes with tariff revenues, although economists have questioned the validity of these claims, according to a Bloomberg report.
In a post on his social platform "Truth Social," Trump said on Sunday: "As the tariffs take effect, income taxes will be significantly reduced for many individuals, and may even be completely eliminated, focusing on those earning less than $200,000 annually."
In recent weeks, the tariffs imposed by Trump have caused disruptions in the global economy, leading to concerns about rising prices in the United States and warnings of a potential economic recession.
A poll conducted by CBS News and published on Sunday showed that 69% of Americans believe the Trump administration has not paid enough attention to lowering prices, while approval of his economic performance has dropped to 42% compared to 51% in early March.
Trump seeks to extend the income tax cuts enacted during his first term in 2017, which are set to expire by the end of 2025. He has also proposed expanding tax exemptions, including tips for workers and social security benefits, while reducing the corporate tax rate to 15% instead of 21%.
In another context, Treasury Secretary Scott Besant responded to the poll results on Sunday, noting that American consumers are still spending, and that the administration is working on establishing bilateral trade agreements after Trump imposed reciprocal tariffs on several countries in early April. Later, these tariffs were frozen for 90 days for all affected countries except China.
In an interview on "This Week" on ABC, Besant explained that the efforts involve 17 major trading partners, excluding China. He added: "We have a negotiation process in place over the next 90 days," indicating that "some negotiations are going very well, especially with Asian countries."
Besant also confirmed that China will have to return to the negotiating table, given its inability to bear the recent 145% U.S. tariffs on Chinese goods.
