Trump presents a plan to cooperate with Republicans in Congress to “dramatically” reduce taxes
EMPOWER MARTA NORTON MAIN INVESTMENT strategist talks about the impact of the threat of tariff threat to President Donald Trump on the automotive industry on “Earning”.
President Donald Trump They announced plans for cooperation with Republican members of the Congress to “dramatically” reduced taxes for individuals and companies.
Trump spoke on the Saudi Sautic Summit of FII priority Miami, Florida, On Wednesday, when he announced his plans for “the biggest tax reduction in American history.”
“We will dramatically reduce taxes for families and workers and for companies, including advice taxes, and we hope that there is no social security tax and without overtime taxes,” he said.
The president has set his vision of tax reduction, which includes spending 100% construction of a new factory in the USA -in a reduction in oil and gas producers.
Trump says he will introduce 25% tariff on cars, medicines and chips
West Palm Beach, Florida – November 6: Republican Presidential candidate, former US President Donald Trump arrives to speak during the election night at the Palm Beach Congress Center, November 6, 2024, at West Palm Beach, Florida. America (Chip Somodeville / Getty Images / Getty Images)
Trump’s plan also calls for implementing tariffs on cars, semiconductors, medicines and wood, among other things, which the president said he would announce in the next month or something.
“We’ll get back their companies. If they don’t make their product in America, then they just have to pay a tariff,” he said. “But if they make their product in America, they don’t have to pay any tariffs, what they will bring … it will all bring in the trillion of dollars into our treasury or it will mean that there will be no tax …”
The comments come the day after Trump said he was planning to impose auto tariffs “in a 25%neighborhood” and similar tariffs on semiconductors and pharmaceutical imports.
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Cost of health care, prescription pills on US dollars (East / East)
On Friday, he said that car tariffs could come as early as April 2, the day after his review of his options for a series of imports.
The President has long criticized what he calls unjust by acting with American export of car in foreign markets.
For example, the European Union is collecting 10% of the vehicle’s importing tariff, which is four times higher than the US tariff rate of 2.5% passenger cars. However, the US is collecting 25% of tariffs on trucks from countries except Mexico and Canada, a policy that helps mainten the maintenance trucks to be a profitable segment for American car manufacturers.
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Toledo, OH – May 7: The worker processes the suspension for Jeep Cherokee from 2014 at the Chrysler Mounting Factory Toledo North Jeep on May 7, 2014 in Toledo, Ohio. Fiat Chrysler Automobile announced that he wants to turn Jeep into a global brand as part of AGGR -A (Bill Pugliano / Getty Images / Getty Images)
Trump told reporters on his MAR-a-Lazla Florida estate on Tuesday that the tariffs were on pharmaceutical products and semiconductor chips It would also start from “25% or more” and increased significantly throughout the year.
Trump did not determine the date for the announcement of these duties and said that he wanted to provide some time for drug manufacturers and chips to set up American factories so they could avoid tariffs. He also said he expects some of the world’s largest companies to announce new investments in the US in the next few weeks, although he has not given further details.
Ever since he took over his duty on January 20th, Trump has imposed a 10% tariff on all imports from China On top of the existing tariffs because of its role in the fentanyl store.
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Trump has also announced 25% of tariffs on merchandise from Mexico and non -energy imports from Canada, while taxing Canadian oil and gas with 10%. Delayed these tariffs by the beginning of March after two countries announced border security Measures.
Fox Business’ Eric Revell contributed to this report.
