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On March 8, 2018, President Donald Trump signed the Section 232 proclamations on steel and aluminum imports into the Oval Office.MANDEL NGAN / AFP / Getty Images
- The Trump administration plans to reverse some of US President Donald Trump's tariffs as one of many possible measures to avert a dreaded recession, the New York Times reported on Monday.
- Also on Monday, the Washington Post said some Trump administration officials were planning to propose cuts in payroll taxes if the US economic situation deteriorated.
- Trump has publicly accused his opponents and the media of exaggerating the prospects of recession to undermine his chances of being re-elected in 2020, although reports indicate that the White House is taking its forecasts seriously.
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The Trump administration is considering reversing some of President Donald Trump's signature tariffs against China as one of a series of measures designed to protect a declining US economy from recession, the New York Times reported on Monday.
In public, Trump and senior administration officials have been optimistic about the outlook for the US economy after the warning signs in the bond market last week that could herald an upcoming recession.
Last week, it was reported that the authorities were reluctant to prepare for the recession, fearing that this would weaken confidence in the US economy and accelerate the slowdown.
But according to the Times, officials have privately weighed several measures that would aim to revive the economy in case of deterioration of the economic situation.
Read more: Trump is convinced that there is a plot to skew economic data and exaggerate the recession outlook
The Washington Post announced Monday for the first time that a reduction in payroll was being considered, a White House official who said that Business Insider was not on the table.
Other changes could involve cutting some of Trump's signature rates, the Times reported. Trump has imposed tariffs on hundreds of billions of dollars worth of Chinese goods and has attacked goods from the European Union, although to a lesser extent, with the aim of punishing the rival economies exploiting the United States. United.
The Times did not specify what rates officials were considering withdrawing, and the White House did not immediately respond to a Business Insider comment request.
Trump and Chinese President Xi Jinping.Oliver Contreras / Getty; Greg Baker / Getty; Shayanne Gal / Business Insider
Some economists cite Trump's trade war with China, which saw the United States impose tariffs on Chinese goods worth $ 300 billion, among the causes of economic instability .
This decision would have slowed down the Chinese economy and pushed Germany – Europe's largest economy – to the brink of recession.
Read more: Trump administration officials would consider tax cuts for millions of workers in order to revive the economy and dispel fears of recession
Economic experts have long warned that US tariffs are threatening US consumers. According to a JPMorgan report released on Monday, the latest tariff package, expected to come into effect from September, would cost the average US household $ 1,000 a year.
Trump has publicly stated that it is China that will bear the brunt of the costs of its trade war, but it is facing increasing pressure to conclude a new trade deal with the world's second largest economy.
Although Trump insisted that opponents and the media had invented recession warnings, the president postponed the imposition of the latest tariffs in China until December 15, after having warned that it would "ruin Christmas" for many American consumers. impact on the price of goods in stores.
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