#TrumpTaxCuts President Donald Trump has reactivated his economic agenda with a bold proposal: to significantly reduce taxes while increasing tariffs on imports. This approach seeks to stimulate domestic production and finance tax cuts, but has raised concerns about its impact on the U.S. and global economy.
Trump proposes to lower the corporate tax rate from 21% to 15% for companies that manufacture in the United States. Additionally, he plans to extend the tax cuts from the Tax Cuts and Jobs Act (TCJA) of 2017, which expire in 2025, benefiting various income levels.
To offset the loss of tax revenue, Trump suggests imposing tariffs of 10% to 20% on all imports and up to 60% on Chinese products. Although these tariffs could generate additional revenue, experts warn that they could increase consumer prices and negatively impact low-income households.
Analysts estimate that these policies could increase the budget deficit by up to $4.6 trillion over a decade. Furthermore, they could provoke trade retaliation from other countries, affecting international trade and global economic stability.
