Key Economic Takeaways From Trump’s Speech To Congress | Global News Avenue

President Donald Trump called for new tax cuts to defend his controversial tariff policy and accused his predecessor of economic hardships against the country in a speech at a joint meeting of Congress on Tuesday night.

Trump talked about several economic issues in his first major speech since the inauguration, trying to assure the public More and more doubts about the economy and his management of this over the past few weeks.

Tax cuts

Trump calls on his campaign to have several promises to be part of $$4.5 trillion tax cut Congress is currently demanding phase-out in its budget. He asked the Republican-controlled Congress to terminate income tax Social Security Benefits,,,,, Tips and overtime pay, and tax cuts on car loan interest on U.S.-made carsIn addition to expanding tax cuts in the 2017 Tax Cuts and Jobs Act.

Tax cuts may put more money into the pockets of some taxpayers, but will further red the federal government’s budget. The government spends $1.8 trillion more than the 2024 expenses, adding $36 trillion in government bonds.

tariff

Trump said his policy to raise tariffs would “take trillions of dollars and create jobs we’ve never seen before”, repeating the pro-calibration line he and his top advisers have promoted in recent weeks.

Trump’s speech came on the same day he imposed 25% tariffs on Canada and Mexico and doubled his new tariffs on China to 20%. Import taxes have lost financial markets, Send stock index sharply downward. Economists predict that taxes will raise prices for cars and other products, raise costs of living, and risk restarting inflation.

Trump acknowledged the possibility of interference, but said tariffs were needed.

“Tariffs are not only about protecting the U.S. work, but also about protecting our soul,” Trump said. “Tariffs are about making the U.S. richer and make the U.S. great again, which will happen soon. There will be some disruption, but we agree with it. It won’t be too much.”

Trump also repeated his promise Expand trade measures on April 2 By imposing “reciprocal” tariffs on other countries that have their own tariffs on U.S. products.

“Whenever they tariff, other countries, we will tariff.”

inflation

Trump, who had promised to lower prices for consumers on the first day of his presidency, accused his predecessor of inflation still higher than pre-pandemic levels and continued to squeeze the household budget. As the economy reopened from the pandemic, inflation soared and continued to surpass the Fed’s target by 2% aged 2%.

For consumers, the price of food, especially eggs, is particularly difficult. The average price of eggs has more than tripled since the pandemic, as the bird flu epidemic has caused millions of hens. Trump said he would bring “dramatic and direct relief” to American families.

“Joe Biden has made the price of eggs out of control in particular – egg prices out of control. We are working to withdraw it,” Trump said.

The Trump administration’s Department of Agriculture announced a $1 billion campaign to promote bird flu last week to control egg prices and continue Biden-era efforts to combat the disease.

Trump also said his energy policy will reduce household costs. Trump is trying to reverse former President Joe Biden’s policies to promote green energy, preferring oil and gas drilling. He said he is building a “huge Alaska gas pipeline” in partnership with Japan and South Korea.

Savings

Trump praises his influential billionaire adviser Elon Musk for cost-cutting campaign Governor’s Task Force The contract was cancelled and federal workers from many federal agencies were fired. He said the Governor had found “shocking levels of incompetence and possible fraud in the Social Security Program” and said there were many impossible seniors in the Social Security database, including 4.7 million people over 130 years old.

However, according to the Social Security Bureau, only 73,815, or 1 out of 1,000 people receive benefits, more than 100. Musk’s claims about the very old Social Security recipients that surfaced in February were debunked by experts, who said Musk may have cited a database that includes records of people who are currently not paid benefits, and the date of death has never been recorded because they were born before 1920, before the SSA was founded.

Boat, not chips

Trump said he would encourage the construction of military and civilian ships in the United States by establishing shipyards and offices that provide tax relief to shipbuilders. Compared to the thousands built by China, the United States currently only builds a few ships a year.

Shipbuilding is one of Trump administration officials saying it hopes to resurrect with general interestReindustrialization“The United States uses tariffs and other economic policies.

By contrast, he called on President Joe Biden’s $52 billion chip subsidy program to end, which uses incentives to Promote semiconductor manufacturing In the United States, as part of his own efforts to support American manufacturing.

“Get rid of the chip law,” Trump said.