American President Donald Trump stated yesterday that the tariffs he imposed could help reduce income taxes‼️
American President Donald Trump stated yesterday that the tariffs he imposed could help reduce income taxes for individuals earning less than $200,000 per year, amid growing concern about his economic policies.
Trump had previously raised the possibility of replacing income taxes with tax revenues, although economists have questioned the veracity of these claims, according to a Bloomberg report.
In a post on his social media platform "Truth Social", Trump stated on Sunday: "With the start of the enforcement of tariffs, income taxes will be significantly reduced for many individuals, and they could even be completely eliminated, focusing on those earning less than $200,000 per year."
In recent weeks, the tariffs imposed by Trump have caused turmoil in the global economy, raising concerns about rising prices in the United States and warnings about the risk of economic recession.
A poll conducted by CBS News and published on Sunday showed that 69% of Americans believe that the Trump administration has not paid enough attention to reducing prices, while the approval rating of his economic performance has dropped to 42% from 51% in early March.
Trump seeks to extend the income tax cuts that were 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 the exemption for workers' tips and Social Security benefits, while reducing the corporate tax rate to 15% instead of 21%.
In another context, Treasury Secretary Scott Bessent responded to the poll results on Sunday, indicating that American consumers continue to spend, and that the administration is working to finalize bilateral trade agreements after Trump imposed reciprocal tariffs on several countries in early April. These tariffs were then suspended for 90 days for all affected countries, except for China.
In an interview on the "This Week" program on ABC, Bessent explained that the efforts involve 17 key trading partners, excluding China. He added: "We have an ongoing negotiation process over the next 90 days," emphasizing that "some negotiations are progressing very well, especially with Asian countries."
Bessent also confirmed that China will be forced to return to the negotiating table, due to its inability to withstand the recent American tariffs that amounted to 145% on Chinese goods.