The focus of the speech was on curbing inflation, reducing high taxes, and preventing the nation’s energy crisis. The former US president expressed confidence in his victory in the presidential election scheduled for November. He criticized the current administration for reversing his previous policies during his first term in office.
inflation:
Donald Trump slammed the Biden administration, saying this is the worst inflation the U.S. has faced. He added that inflation is deadly for the country and is affecting the entire economy.
Inflation in the United States has fallen after hitting 9.1%, but it is still above the 2% limit set by the Federal Reserve, the nation’s central bank. But this offers little relief to Americans, as everyday purchases remain expensive.
Trump added that his administration would implement several relief measures, including eliminating the tip tax, raising tariffs on imports from other countries and expanding oil drilling.
Tax reduction:
Trump promised to completely eliminate taxes on tips earned by service workers. He pointed out that the Tax Cuts and Jobs Act of 2017 cut the top personal income tax rate from 39.6% to 37% and nearly doubled the standard deduction. In short, he promised to reduce inflation, increase personal incomes, and bring jobs back to individuals.
Energy Crisis:
The climate plan is designed to stop oil exploration and production activities that would lead to an energy crisis in the U.S. Trump says he will continue to drill more and make energy bills cheaper, adding that the costs of exploration, storage and transportation must be cheaper.
Increased tariffs:
On the issue of imports, Trump slammed China, accusing them of exporting cheap goods to the U.S. He said the lack of high tariffs is affecting the U.S. economy, allowing cheap imports from countries like China, which in turn destroys U.S. industries and takes away American jobs.
President Trump has pledged to impose tariffs of at least 10% on all imports, a 60% tariff on all imports from China, and a 100% tariff on imports of automotive products.
FAQ:
Could President Trump’s plan to increase imports by imposing different tariffs violate WTO law?
The World Trade Organization has an important principle called “non-discrimination,” which prohibits countries from discriminating between their trading partners and requires that they treat each other equally. For example, if goods are imported into the United States from China and the United Kingdom, the same import tariff rates must be applied. There are exceptions to this rule.
What does President Trump say about China?
During his first term, President Trump adopted tough policies towards China and imposed harsh sanctions, and he has vowed to do the same this term.
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