United States – Donald Trump detailed some of his financial plans yesterday. Apart from these, he explained the reason behind the major tariffs he proposed, 10%, saying that their impact on the cost of consumers, apart from passing the taxes on to the citizens, might be equalized by the tax cuts he will implement.
Digital Currency Concerns
The Republican US contender for president was quoted in an interview on CNBC, suggesting measures to tackle some hot-button American entitlement programs, including reforms and frowned upon digital currency.
Questioned about the rise of political polarization and its impact on the nation’s economic stability, Trump argued that he was concerned about Fitch’s 2023 downgrade while denouncing its involvement with the Capitol riot of Jan. 6.
Presidential Race Dynamics
Trump’s statements are the first set of considerations he has made since he emerged as the party’s probable candidate following the Tuesday elections, in which the “Super Tuesday” primaries took place. He is now expected to face President Joe Biden come fall.
His tax rates triggered deflating talk, and the American Treasury Secretary Janet Yellen said that it would increase costs for American consumers.
“I think taxes could be cut. I think other things could happen to more than adjust that. But I’m a big believer in tariffs,” Trump told CNBC. He said I strongly support tariffs on US industries when they are “being taken advantage of” by China and other countries.
“Beyond the economics, it gives you power in dealing with other countries,” was his reply, saying that he was not concerned about the probability that those countries could impose retaliatory tariffs if he were to be reelected.
Trump’s Stance on Bitcoin
When asked about the Medicare, Social Security, and Medicare programs and the nation’s spending and deficits, Trump told CNBC: “There is a lot you can do in terms of entitlements in terms of cutting and in terms of also the theft and the bad management.”
On bitcoin and other cryptocurrencies, Trump said he has “seen that there has been a lot of use of that. And I’m not sure I’d want to take it away.”