Trump Says Big Business Backs Tax Cuts, Not Tariff Fears

Post by: Bandan Preet

Photo: Reuters

Former President Donald Trump said that large companies in America are not too worried about the new tariffs he has introduced, even though these trade rules have caused the biggest drop in the stock market since the COVID-19 pandemic. Instead, he said these companies are more interested in a new law being discussed that would bring back the tax cuts he signed in 2017.

"Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!" Trump posted Friday night on his social media platform, Truth Social.

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Right now, the U.S. Senate is voting on a Republican budget plan. This is one of the early steps in trying to continue the tax cuts that are set to end later this year. However, lawmakers still have tough choices ahead, like deciding which government programs to cut and which tax cuts to keep.

Earlier on Friday, Trump spoke out against China after it responded to his new tariffs by placing a 34% tax on all American products. Trump had raised taxes on Chinese goods up to 54%, and China reacted with its big tax. This back-and-forth raised fears that the trade fight could grow and hurt the global economy.

“CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!” Trump wrote on Truth Social.
Trump didn’t say if he would hit China with more tariffs, but in the past, he has promised to respond strongly if other countries raise taxes on U.S. goods. The White House gave no more details on Trump’s post.

Trump also said he spoke with Vietnam’s new leader, To Lam. According to Trump, Lam told him that Vietnam would like to cut its tariffs on U.S. goods down to zero — if both sides can make a deal. Right now, Trump has placed a 46% tariff on Vietnamese products, which is set to begin on April 9.

“I thanked him on behalf of our Country, and said I look forward to a meeting in the near future,” Trump said, before heading to his golf club in Florida.
Countries around the world are now trying to decide how to respond to Trump’s latest trade actions. His new tariffs have raised U.S. import taxes to their highest level in over 100 years and shaken the world’s trade system — a system Trump has often called unfair to America.

While China chose to fight back with high tariffs, Cambodia took a different route. Cambodia offered to lower its own taxes to avoid getting hit with a 49% U.S. tariff — one of the highest rates Trump has announced for any Asian country.
However, it’s unclear whether other countries can still negotiate to avoid these tariffs. Trump and his team have sent mixed messages. On Friday, Trump made it sound like there’s little room for deals.

“TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!” he wrote.
Despite Trump’s confidence, the U.S. stock market had a rough day. The S&P 500, a key market index, dropped 6% on Friday. This marked the worst two-day loss since March 2020 when COVID-19 first hit the U.S., wiping out around $5 trillion in value.

Still, Trump seemed to ignore the market problems and pointed instead to positive job numbers from March. That report showed 228,000 new jobs were added — better than many expected. These numbers were recorded before his new tariff rules began.

“GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING,” he posted.
But even as Trump praised the tariffs and job growth, some people are confused about whether he’s open to talks with other countries to lower these trade taxes. On Thursday, he said he might be willing to cut tariffs if another country offers something “phenomenal” in return.

Trump and his advisors say the new tariffs — including a rule that every country must pay at least a 10% tax to sell products in the U.S. — will push companies to invest more in American factories and jobs. Peter Navarro, a White House trade advisor, told CNBC that giving too many exceptions would weaken the goal of making things in America.

In another post, Trump shared a TikTok video from someone who believes the market drop is part of a plan. The video claimed Trump is trying to bring down stock prices on purpose so that the Federal Reserve will cut interest rates. The person in the video also said the tariffs will force companies to invest in the U.S. and help farmers sell more of their products locally, which could lower grocery prices.

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