Trump: trade tariffs will help reduce taxes for Americans with incomes up to $200,000

US President Donald Trump said that his trade tariffs could reduce income taxes for citizens with incomes of less than $200,000 per year. He noted that in some cases taxes can be completely abolished, but did not specify the details. 

These comments were made against the backdrop of the approaching deadline for the introduction of high tariffs on Chinese goods, which are already contributing to higher prices for American consumers (May 2). 

It is reported that customs duties increased by more than 60% in April, amounting to at least $15.4 billion. However, this amount remains small compared to tax revenues, which in the current fiscal year amounted to about $2.26 trillion, more than 50% of which are individual income taxes. 

Trump had previously introduced massive tariffs on major trading partners, but the backlash forced him to postpone most of them. Nevertheless, tariffs on China were increased to 145%, which led to an escalation of the trade war.