Trump vows to "completely or almost completely" cut income tax thanks to tariffs
US President Donald Trump celebrates the results of his tariff policy as tariff revenue has grown by 150% this year by stating that he's going to use the money gained to cut income tax, maybe even abolish it.
The controversial economic policy has caused friction between America and its allies but Trump believes the economic effects are going to more than make up for it. It's clear that the entirety of Trump's economic reforms aim at completely restructuring the American economy and make it somewhat autarchic with the objective of maximizing employment and investments.
The President's vision for the economy is definitely bold, but is it going to work? The American public seems less and less convinced, with Trump's approval on the economy declining.
Klevis Gjoka
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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Elections, tariffs, sanctions and reforms: what changes for markets, countries and supply chains.