Peter Navarro, a top trade advisor to President-elect Donald Trump, asserts that Trump's proposed tariffs and tax cuts will not lead to increased inflation or federal deficits. Navarro attributes the inflation during the Biden administration to 'fiscal irresponsibility.' He points to Trump's previous tariffs on China, steel, aluminum, and other products as evidence that these policies do not contribute to inflation. Navarro also notes Trump's plan for further tax cuts, including reductions in the corporate tax rate, elimination of taxes on tips and Social Security benefits, and extension of existing tax cuts.
Peter Navarro , top trade advisor to President-elect Donald Trump , argued that Trump 's planned tariffs and tax cuts will not boost inflation or federal deficits.
"So I would say that just go back and play all the interviews that were done on CNBC of people back in the first term with their hair on fire, worrying about inflation," said Navarro. During his recent campaign, Trump said he wanted to enact much larger and broader tariffs, plus additional targeted duties on imports from China.Trump also has suggested a laundry list of proposed tax cuts, including further lowering the corporate tax rate, as well as eliminating taxes on tips for service workers and on Social Security benefits for seniors.
Navarro argued that before the pandemic, the U.S. was"steadily gathering more and more strength in the economy."
Trump Tariffs Tax Cuts Inflation Deficits Navarro
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