Fox business host Larry Kudlow said Wednesday that mutual tariffs announced by President Donald Trump could put America on the “path to economic prosperity.”
Trump announced mutual tariffs to address “terrifying imbalances” in import obligations and trade at Rose Garden event Wednesday. Kudlow said a “fair and common sense” approach could lead to additional “tax cuts.” (Related: “We’re ec”: The union boss who supported Harris says he’s excited about one major Trump policy)
“Trump tariffs could be a path to economic prosperity and could be used to cut more taxes. That’s the subject of the riff,” Kudlow said. “President Trump has put in a fierce defense of his mutual trade policy and said that essentially the US will no longer tolerate all of the tariff and non-tariff barriers built by China, the EU and many other countries that are preventing American manufacturers from exporting goods to those countries.”
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“So he’s increasing the foreign import prices to the US by imposing these mutual tariff charges on the biggest offenders and 10% baseline tariffs on everyone,” Kudlow said. “During his speech at the White House Rose Garden, he showed everyone a chart of tariff charges levied on American exports. You see it on screen. A bill blocking exports and charges that have caused major damage to mostly US manufacturers, automakers, semiconductors, medicines and many other products.”
The tariff disparities between multiple countries included all obligations, from apples to automobiles. According to The White House fact sheet also details the non-tariff barriers that American products face from abroad.
“Now he said he’s willing to do business with all these foreign countries. He’s going to negotiate. He’s a master with that,” Kudrow said. “So if they drop the accusation to the US, the President would drop his accusation to them. This seems fair and common sense. I thought his chart of all his tariffs and tariff-related barriers would be particularly effective in selling this to the American people.”
As Kudlow reported, “However, in after-hours trading, the US stock market appears to be disagreeing, and at the time of this report it appears to have fallen 1,100 points.”
Trump received overwhelming support Electronic and telephone surveys This is about his position on trade and tariff support among the 2024 International Teamsters of Teamsters Rank and File Members.
Kudlow said tariffs could bring $600 billion in revenue per year into finance. (Related: CNN panel erupts when explaining how Scott Jennings used tariffs to side-by-side Mexico in Canada)
“This would be a huge boon for all Americans, for businesses and overall cuts to tax rates, which would benefit our 4% growth target,” Kudlow said. “We’ve got individual income tax cuts, corporate tax cuts, even reduced Social Security payroll taxes. And by the way, I wonder how this kind of additional tax cut, along with the Trump tax cuts already there, will ease the path to short-term damage from the initial impact of tariffs, or how it will come about.”
“Let’s cut tax rates with these revenues,” Kudlow said. “Just say it. You know me. I’ve never met a tax cut that I didn’t like.”
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