Trump prioritizes tariffs, not tax cuts

President Donald Trump has made it clear through numerous statements today that he would rather implement additional, supplemental tariff hikes rather than his promised tax cuts.

President Donald Trump gazing at a crowd.

The president made a list of promises that he highlighted in his run for president in 2024, one of which was tax cuts. The president promised to extend the lifetime of the Tax Cuts and Jobs Act, which was set to expire in 2025*. However, he rallied behind his forefront promise to actually reduce taxes even further, including a complete elimination of income tax for low-income individuals, and tax cuts on social security, overtime, and tips. These promises contributed to his sweeping EV victory and narrow PV victory in 2024.

Although the president made these promises, he has yet to deliver on any of these things. As he stated in his debate against Kamala Harris in 2024, he merely has "concepts of a plan," at least for now. He has put forward an array of proposals like tax exemptions on tips and overtime, as well as early income tax reductions for the low and middle class. However, these are just proposals; the president has yet to sign legislation to actually put these into effect.

So then, what is the president actually passing in regards to economic legislation? Tariffs. The president has already enacted a variety of "reciprocal tariffs" on select foreign goods, like steel and aluminum. The president has also passed a whopping 25% flat tariff on both Canada and Mexico with lower rates on energy imports. The president has also made promises to enact even more tariffs as early as this week. Just a mere two months into his presidency has America gotten involved in dozens of trade wars, even with our closest allies strategically, diplomatically, and even economically.

This prioritization of tariffs over the more popular tax cuts has raised eyebrows amongst the same individuals that support him in 2024. The president's approval rating, particularly in the economy, fell by as much as double digits as tariffs do not give immediate relief to Americans when dealing with inflation. In addition, many investors and even members of his own administration have expressed concern over furthering tariff policies while neglecting tax cuts. Thus, the stock market fell by double digits in the matter of two weeks while many Americans continue to not afford their necessities.

*Some business tax cuts were to expire in 2028