Trump Analyzes the Benefits of High Tariffs: Income Tax Exemption and Job Creation
U.S. President Trump recently emphasized that imposing high tariffs on foreign countries can reduce Americans' income tax burden while encouraging companies to establish factories in the U.S., creating more job opportunities. He stated this is a significant opportunity for America's prosperity.
Trump pointed out that individuals earning under $200,000 could potentially have their income tax eliminated entirely. Furthermore, high tariffs would encourage companies to set up production in the U.S., leading to the release of numerous job opportunities, representing a significant chance not just for American workers, but for the country's wealth as well.
However, according to reports, prominent Republican donor Ken Griffin criticized the trade war as meaningless, arguing it damages U.S. relationships with other countries and has caused a 20% economic downturn in just four weeks.
