Catenaa, Wednesday, March 05, 2025– US President Donald Trump called for new tax cuts, tariffs and curb inflation in his inaugural address to the Congress on Tuesday, as he looked to bring in trillions of dollars to the economy.
Trump asked the congress to cut income taxes on Social Security benefits, tips, and overtime pay, and also called for a tax deduction on auto loan interest for American-made cars, on top of extending the tax cuts in the 2017 Tax Cuts and Jobs Act.
These were part of the several promises Trump made during his campaign to be part of the $ 4.5 trillion in tax cuts.
Trump also said his policy of raising tariffs would “take in trillions of dollars and create jobs like we have never seen before.”
Trump’s speech came the same day he imposed 25% tariffs on Canada and Mexico and a doubling of his new tariffs on China to 20%, which sent stock indexes sharply downwards on Tuesday.
Trump acknowledged the possibility for disruption but said the tariffs are necessary.
“Tariffs are not just about protecting American jobs, they’re about protecting the soul of our country,” Trump said. “Tariffs are about making America rich again and making America great again, and it’s happening, and it will happen rather quickly. There will be a little disturbance, but we’re ok with that. It won’t be much.”
Trump, promised to bring prices for consumers down, blamed the former President Joe Biden for the fact that inflation is still running higher than pre-pandemic levels and continuing to squeeze household budgets.
Inflation surged in 2021 as the economy reopened from the pandemic and has continued to linger above the 2% annual rate the Federal Reserve targets.
Prices for food, and especially eggs, have been rising as the average prices for eggs have more than tripled since the onset of the pandemic, as a bird flu outbreak has killed millions of hens.
Trump said he was going to bring “dramatic and immediate relief to American families.”
“Joe Biden especially let the price of eggs get out of control—The egg prices out of control. And we are working hard to get it back down,” Trump said.
