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