Trump plans new tax cuts in an attempt to alleviate the burden of tariffs

86751372768

A poll conducted by CBS News and published on Sunday showed that 69% of Americans believe the Trump administration has not focused enough on reducing prices. The approval rating for Trump's handling of the economy in the poll dropped to 42% compared to 51% in early March.

Trump wants to extend the income tax cuts enacted in 2017 during his first presidential term, which are set to expire by the end of 2025. He also proposed expanding tax exemptions.

Treasury Secretary Scott Pescit responded to the poll results on Sunday, stating that American consumers are still spending and that the administration is working on establishing bilateral trade agreements after Trump imposed what are called reciprocal tariffs on many countries in early April. He later froze these tariffs, except for China.

Pescit said on ABC's This Week that the efforts involve 17 major trading partners, excluding China.

He added, "We have a process in place over the next 90 days to negotiate with them," noting that "some of those negotiations are going very well, especially with Asian countries."

Pescit reiterated the administration's argument that Beijing will be forced to return to 145% on Chinese goods 20208558006