US considering tax cuts and reversing tariffs to avoid looming recession: Reports
The White House is considering cutting taxes and reversing tariffs to avoid a looming recession in the United States economy.
US media reports said on Monday that despite President Donald Trump’s insistence on the economy's health top White House officials were considering several moves to stimulate the US economy.
According to a report in the Washington Post, due to growing concerns about the economy senior White House officials had begun discussing ways to boost the economy including pushing Congress for a temporary payroll tax cut as a way to arrest a looming economic slowdown.
The newspaper said the Trump administration had not yet decided whether to push Congress to pass the temporary payroll tax cut, however, the talks showed that Trump’s top economic aides were worried about the possibility of a recession.
One other option floated by the White House to help bolster the American economy included a possible reversal of some of President Trump’s tariffs on Chinese goods, according to a report in the New York Times.
The paper reported economists were increasingly warning that a recession looms especially with stocks churning last week after the bond market flashed a warning signal that has historically presaged a recession.
US manufacturing sector has fallen into a recession on its own amid a global recession that many economists attribute in part to the US-China trade war initiated by Trump, it said.
Cutting payroll taxes and reversing the tariffs would help strengthen consumer spending which has been the driving force of the US economy this year as businesses pulled back on investment, according to the the New York Times.
JPMorgan boss warns US facing most severe risks since World War II
Americans skipping meals to afford housing: Poll
Biden claims Chinese smart cars spy on US citizens, infrastructure
VIDEO | Colombia: Novel and complex path
Rachel Corrie's dad 'proud' of her alma mater’s divestment from Israel
Assad: Crackdown on pro-Palestine protests exposes West’s state of panic
Hamas’ stance, demands in truce talks leave Netanyahu in dilemma: Analyst
Anti-Israel operation unveiled ‘small part of Iran’s capabilities’: Ex-FM
VIDEO | Press TV's news headlines
Israel downplays chances of ending Gaza war as Rafah invasion looms: Reports
Book Review: ‘Good Jew Bad Jew’ unties weaponization of anti-Semitism, its politics
This makes it easy to access the Press TV website
