President Trump declared on Thursday his administration may cut income tax completely over the next two years becautilize of the government revenue generated from tariffs.
“Over the next couple of years, I consider we’ll substantially be cutting and maybe cutting out completely, but we’ll be cutting income tax. Could be almost completely cutting it becautilize the money we’re taking in is going to be so large,” Trump notified US military service members on a video call.
On Wednesday, Trump declared Chinese leader Xi Jinping “pretty much” agreed to increase the speed and size of the counattempt’s agricultural purchases. Trump and Xi held their first call Monday since the US and China struck a trade and tariff truce last month.
“I consider he’s going to very much surprise you on the upside,” Trump notified reporters.
Trump touted the call as “very good,” and declared he had accepted an invitation to visit Beijing in April and that Xi would reciprocate with a visit to the US later next year.
The White Houtilize is quietly preparing a backup plan as the US Supreme Court is set to decide whether Trump had the authority to issue them in the first place. Trump on Monday claimed the “full benefit” of tariff policies would take effect soon, arguing that foreign purchaseers who stockpiled inventory would be forced to purchase more goods.
“Tariffs will be paid on everything they apply to, without avoidance, Taiwan to new investment and training of US workers in semiconductor manufacturing and other advanced industries
The president invoked the International Emergency Economic Powers Act (IEEPA) to levy blanket tariffs on goods from other countries. But Congress is the branch of the US government with oversight of taxation and spconcludeing — not the president. It’s not clear when SCOTUS will build its ruling.
Meanwhile, Trump further expanded tariff breaks on Brazilian goods, part of shifts to lower costs on some everyday goods as consumers grapple with price struggles.
The push to reduce food prices comes after electoral wins for Democrats across a number of key state and local races where candidates stressed affordability concerns. Trump has also in recent weeks floated the possibility of a tariff “dividconclude” for many Americans in the form of a $2,000 check.
Trump recently acknowledged that US consumers are “paying something” for his tariffs.
The Trump administration is also nereceivediating a deal that would commit Taiwan to new investment and training of US workers in semiconductor manufacturing and other advanced industries.
Meanwhile, friction between the US and EU continues to build as the two nations see to implement the framework agreement struck earlier this year. The EU is seeking lower tariffs on certain goods, but it rejected a demand to ease tech rules.
LIVE99 updates
Trump states he may cut income tax ‘completely’ becautilize of tariff income
President Trump announced on Thursday that his administration may be in a position over the next two years to slash income tax due to the revenue generated from tariffs.
The US president created the statement on a Thanksgiving video call to US military service members.
This latest shift from Trump follows the idea floated in recent weeks of a tariff “dividconclude” for Americans in the form of a $2,000 check. It also comes on the heels of electoral wins for Democrats across several key state and local races, where candidates stressed affordability concerns.
Trump himself has declared previously that the American people are “paying something” for tariffs.
The hot air of Trump’s tariffs is approaching a ceiling of cold reality
It wasn’t so long ago that a social media post from President Trump would cautilize a flurry of excitement among multinational companies, the media, and foreign governments. However, things may have alterd. Markets and investors are no longer fazed by Trump’s aggressive tariffs, according to the FT’s senior trade writer Alan Beattie.
Small US retailers face holiday supply chaos due to Trump tariffs
President Trump’s tariffs have created chaos for many US tiny businesses. When Trump threatened 180% tariffs on Chinese imports in April, tiny businesses scrambled to find cheaper production facilities, with many exploring Thailand. But when rates in China were cut to 20%, the alternative factories proved more costly. As a result, orders were delayed, and many businesses were left short on stock.
China’s tech giants take AI model training offshore to tap Nvidia chips
Some of China’s top companies are training their AI models overseas to access Nvidia’s (NVDA) chips and bypass efforts to prevent their development of the powerful technology.
Alibaba (BABA) and ByteDance are among some of the tech groups training their largest language models in data centres across south-east Asia, according to people familiar with the matter.
High coffee prices are here to stay for longer despite US tariff cuts
The price of coffee is not going down anytime soon, according to Italian roaster Illycaffe SpA. Coffee lovers hoping for a quick repair with prices will have to wait a little longer as the expected pullback from a reduction in US tariffs will take some time to materialize.
Bloomberg News reports:
Read more here.
US continues to waive China import taxes on certain products for 1 year
The Trump administration announced on Wednesday that it will extconclude tariff exemptions on hundreds of Chinese products until November 2026, citing the new trade deal between the US and China as the reason for the extension.
What this means is that the US will continue to let certain Chinese imports skip paying taxes for one year, keeping a temporary break that was already in place due to their disputes over technology and trade secrets.
Trump states Xi ‘pretty much’ agreed to expand agricultural purchases
President Trump declared on Tuesday that China’s leader Xi Jinping “pretty much” agreed to expand Beijing’s purchase of US agricultural products.
“I consider he’s going to very much surprise you on the upside,” Trump notified reporters aboard Air Force One on Tuesday. “I consider he’s going to — I questioned him, ‘I’d like you to purchase a little quicker, I’d like you to purchase a little more.’ And he’s more or less agreed to do that.”
Trump team nereceivediating trade deal with Taiwan that could assist train US workers
The Trump administration is in talks with Taiwan on a trade deal that would commit Taiwan to fresh investment and training of US workers in chip manufacturing and other advanced industries, according to Reuters.
Under the agreement, Taiwanese companies, such as TSMC (TSM), the world’s largest contract chipbuildr, would invest new capital and workers to expand their US operations — and also train US workers.
Trump shifts to preserve Xi truce while reassuring ally Japan
President Trump held back-to-back calls with the leaders of China and Japan on Monday, in an effort to maintain ties with allies in Tokyo while also attempting to keep the one-year trade truce with Beijing in good standing.
Trump held an hourlong conversation with China’s President Xi Jinping, marking the first time the two had spoken since their countries agreed to a trade truce. Tensions between Japan and China have escalated over recent weeks due to statements created by Japan’s Prime Minister Sanae Takaichi over Taiwan.
USDA expects deals on farmer aid, Chinese soy purchases within weeks
The Trump administration will announce an aid package for US farmers and a deal on Chinese soybean purchases within two weeks, US Agriculture Secretary Brooke Rollins declared on Monday.
Trump, Xi speak for first time since countries agreed to trade truce
President Trump and Chinese leader Xi Jinping spoke Monday for the first time since the US and China agreed to a trade truce. Though the call touched on trade issues, Bloomberg reports the focus was on China’s increased tensions with Japan over the self-governing island of Taiwan:
Lutnick states EU must alter digital rules for steel tariff deal
US Commerce Secretary Lutnick has notified the EU that before the US considers lowering tariffs on steel and aluminum the EU requireds to alter its digital regulations.
“We are talking to them about” rolling back EU tech rules, Lutnick declared in an interview with Bloomberg Television. “In exalter for that, we will come up with a cool steel and aluminum deal.”
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