Recently, President Donald Trump signed a new law to cut taxes and spending, in a massive move he described as "the largest in American history" 🇺🇸. The law extends tax cuts worth $4.5 trillion to become permanent and adds new exemptions on tips, overtime, car loans, with special discounts for seniors and low-income families.
On the other hand, the law increased military spending, but significantly cut social support programs like "Medicaid" and food assistance, which could lead to millions of Americans losing their health insurance. The decision sparked widespread debate among Republicans and Democrats, especially with expectations of rising public debt and its effects.
on American families.
Trump has indeed escalated the trade confrontation recently! Alongside massive tax cuts within America, he announced reciprocal tariffs (of no less than 10%) on all countries that impose taxes or additional tariffs on American exports, targeting China and Europe in particular.
These steps aim to boost American exports and reduce the trade deficit, but at the same time, they may raise prices for the American consumer and increase tensions with trading partners. The tax cuts domestically, however, come with a reduction in social support programs, raising widespread controversy over economic fairness.
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