Trump Promises Giant Overhaul of Tax and Trade

Trump Promises Giant Overhaul of Tax and Trade

( – President Joe Biden has repeatedly said he wants to raise taxes on the American people. Specifically, he is going to target the country’s job creators because he doesn’t believe billionaires are paying their so-called “fair share.” The idea of adding extra taxes and attacking the wealthy is very popular in the Democratic Party.

Then, there’s former President Donald Trump. The 45th commander-in-chief is currently running for the White House again. Instead of targeting Americans with his tax policy, he has made it clear he wants to help the country by eliminating its dependence on foreign countries.

Trump Tax and Trade Plan

On Monday, February 27, Trump rolled out his “America First” tax and trade policy. Fox News reported on the proposal first, saying the former president’s policy would “tax China to build up America.”

According to the report, Trump would eliminate the Chinese Communist government’s most favored nation trade status. He would then ban federal contracts for companies that outsource to China. Also, he promises to adopt a plan to phase out imports of essential goods in four years. Presumably, those imports are things like medical supplies, but it’s unclear.

The former president explained to Fox that he would create a system of universal baseline tariffs on most imported products. He said that would be phased in “depending on how much individual foreign countries devalue their currency.”

Reminiscent of 2016

When Trump ran for office in 2016, he made similar promises to the American people. He started a trade war with China and other countries, such as Canada, when he took office. The purpose was to get better trade deals for the American people.

In July 2020, the US entered a new trade agreement with Canada and Mexico. The United States-Mexico-Canada Agreement (USMCA) replaced the controversial North America Free Trade Agreement (NAFTA). It put the countries on more even playing ground and stopped the other North American nations from taking advantage of the US.

Trump also entered into a new deal with China. The Phase One trade deal was supposed to stop the communist country from taking advantage of the US, but it didn’t quite go that way. This time around, the former president sounds like he intends to be a lot tougher on not just the Chinese but all of the other international trading partners as well.

The former president told Fox his new plan would “end our gaping trade deficits” and bring American jobs back home.

Copyright 2023,