US President Donald Trump has said that imposing tariffs will reduce the income tax of a large number of Americans. Trump claimed in a post on his social media platform ‘Truth Social’ on Saturday that tariffs can reduce people’s income taxes significantly and in some cases it can be completely eliminated.
Trump said that this relief will be given mainly to those whose annual income is less than 2 lakh dollars. He wrote, “When the effect of the tariff is seen, the income tax of many people will be reduced to a great extent, some may even be eliminated. Our focus will be on those who earn less than 2 lakh dollars annually.”
Along with this, Trump also said that companies are rapidly building and planning new factories, which are creating a large number of jobs.
Donald Trump’s claims on tariffs
Under this, a 10 percent duty has been imposed on almost all products coming to America. A heavy duty of 26 percent has been imposed on products coming from India, and 145 percent on products coming from China.
US President Donald Trump said in a recent interview to Time magazine that if 50 per cent tariff remains in place on imports even after a year, it would be a ‘total victory’ for America.
When asked why he considered it a victory, Trump said countries like China and India have also made themselves rich by imposing tariffs on the US. “Because it will make America a lot of money,” Trump said.
Let us tell you that currently dozens of countries have been given a deadline of 90 days to make a new agreement with America. This deadline will end in July. If the agreement is not reached within the stipulated time limit, then more duties can be imposed on these countries as per the country-specific criteria.