President Donald Trump’s “unfair” speech to the American people on Tuesday night, which was widely criticized as too aggressive, was likely to create a fiscal cliff, one of the most significant threats to the country’s fiscal health.
If Congress doesn’t act to avoid a fiscal collapse in a matter of days, the country could see a huge increase in the cost of food and other goods and services.
Trump’s speech, which included the “unfortunate” use of the term “fiscal” to describe the countrys current deficit, was also widely criticized for being “bizarre” and “bald,” as many saw it as a direct appeal to voters in rural America.
Trump said that, “There is no better way to begin the fiscal cliff than by imposing tariffs on imports from China, Mexico and Canada.
The tariff on Canadian goods is $400 per ton, while the tariff on Chinese goods is over $2,000 per ton.
This is just plain unfair, and we will be imposing the tariffs as soon as possible.”
The president also announced that, if Congress doesn�t act to avert the fiscal crisis, he would use executive authority to institute a 2% tariff on imports of goods from China and other countries that violate trade rules.
He said that this move would help to stabilize the economy and create jobs.
The Trump administration also announced plans to impose a 2.5% tariff against goods from Canada, Mexico, and the United States that violate WTO rules.
The tariffs would be implemented over a two-year period.
While the tax will create jobs, some economists have warned that the tariffs would create a vicious circle, as businesses would try to import goods from countries that would lower the price of their products.
A report by the Congressional Budget Office found that the tariff would add to the nations $1.3 trillion debt by 2024.
Although Trump is expected to sign the tax package into law, many conservatives are already calling on the president to do more to cut taxes for the middle class.
“Congress should reject this reckless and politically motivated tax package,” the Tax Foundation said in a press release.
“Instead, the administration should instead focus on cutting taxes for those making less than $250,000 a year and eliminating the massive loopholes that make tax breaks for the wealthy possible.”
The Tax Policy Center also released a report this week that said that Trump’s tax plan would cut tax rates for the wealthiest Americans by $6,400 per year.