US President-elect Donald Trump is just about a fortnight away from assuming the White House for his second term. Trump, even since his victory in November, has been in the limelight with his abstruse appointment and tariff threats against American trading partners, including the likes of Mexico, Canada and China.
Tax Cuts In Store
Now, with just days before his official second inauguration on January 20, Donald Trump has once again reiterated his stance on tariffs, taxes and his overall economic plan.
PIC: AFP
Trump in post on both X and his social media platform Truth Social said, “Members of Congress are getting to work on one powerful Bill that will bring our Country back, and make it greater than ever before. We must Secure our Border, Unleash American Energy, and Renew the Trump Tax Cuts, which were the largest in History, but we will make it even better – NO TAX ON TIPS.”
This post is in reference to Tax cuts that Trump intends to introduce. Under his first regime, Trump introduced some corporate tax cuts in 2017, which according to CBPP, would cost the United States over USD 1.9 trillion over ten years.
Congress To Work On New Bill
This post is different from his previous posts, as he has invoked the incoming Congress in it.
It is to be noted, that Donald Trump will be assuming the office with the privilege of a “Trifecta”. A Trifecta is when one party controls all three corners of power in the US, the Presidency (Trump), the US House Of Representatives and the US Senate. In addition, adding to Trump’s Merry, the US Supreme Court is also inclined to the Republican Party.
All Made of Tariffs
In his recent post, he further laid emphasis on Tariffs and said, “IT WILL ALL BE MADE UP WITH TARIFFS, AND MUCH MORE, FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE U.S. FOR YEARS. “
Furthemore he added, ” Republicans must unite, and quickly deliver these Historic Victories for the American People. Get smart, tough, and send the Bill to my desk to sign as soon as possible. MAKE AMERICA GREAT AGAIN!”
This post was also reposted by Elon Musk among others.
Trump’s tariff-trade policy, according to many economists could bring about upheaval in the US economy, injecting inflation and further curbing demand, pushing the US economy towards stagnation.
