Trump: Income Taxes Expected to Significantly Decrease After Tariffs Take Effect

On the 27th, U.S. President Trump stated that many people's income taxes would greatly decrease once tariffs take effect. He posted on his social media platform, Truth Social, emphasizing that especially those earning below $200,000 a year could potentially be fully exempt. He stressed that a lot of job opportunities are emerging, and the U.S. economy is likely to experience a boom.
This week, the United States is set to release the latest employment data. On April 29, the Job Openings and Labor Turnover Survey (JOLTS) will be published, followed by the ADP Private Employment Report on the 30th. On May 1, initial claims for unemployment benefits will be announced, and the significant April unemployment rate will be disclosed on May 2. In March, the non-farm payroll increased by 228,000 jobs, which was above expectations, with the unemployment rate slightly rising to 4.2%.
While addressing China's tariff policies, Trump mentioned that, "We will not lower tariffs unless China provides us with substantial content." Reports indicate that China has already exempted some U.S. goods from a 125% tariff and is currently working with businesses to discuss a list of 131 items, which includes certain chips, medicines, and air defense equipment.
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