While speaking to reporters on the lawn of the White House, President Donald Trump shared that his administration is actively weighing the idea of using revenue generated from tariffs to offer rebates to the public.
When asked about the possibility of issuing rebates due to the large influx of tariff income, Trump replied, “We’re thinking about that, actually,” adding, “We have so much money coming in, we’re thinking about a little rebate. But the big thing we want to do is pay down debt. But we’re thinking about a rebate.”
Moments later, he clarified that the rebate might not apply to everyone. “A little rebate for people of a certain income level might be very nice,” he said.
Government figures released by the U.S. Treasury show that customs duties brought in $64 billion in the second quarter of the year — a sharp increase of $47 billion compared to the same time frame last year, according to the Financial Times.
The conversation then shifted to trade talks with the European Union. Addressing the potential for an agreement, Trump said, “I would say that we have a 50-50 chance…maybe less than that…but a 50-50 chance of making a deal with the EU.” He elaborated further: “And it will be a deal where they have to buy down their tariffs because they’re right now at 30%, and they’ll have to buy them down, maybe.”
He also left open the possibility of the EU maintaining its current tariff rates, but emphasized their eagerness to reach a deal. “Or they could leave them the way they are. But they want to make a deal very badly. I would have said we have a 25% chance with Japan. And they kept coming back and we made a deal.”
Trump hinted that the structure of the EU deal could mirror aspects of the agreement made with Japan. “Don’t forget, Japan is putting up $550 billion. It’s a lot of money. And also paying tariffs,” he said. He highlighted a key element of the deal with Japan, noting that “we have the right to go in and trade.”
He added, “They’ve totally opened Japan to the just to the U.S. That’s to me, the biggest part of the deal.”
{Matzav.com}
