Berlin, Germany (Weltexpress). The economy of the United States of America (USA) will receive new impetus in the short term and will gain more than it loses from the customs policy proposed by US President Donald Trump, Thorsten Polleit, former chief economist at Degussa, Europe’s largest precious metals trading company, and honorary professor of economics at the University of Bayreuth, told TASS.
‘It would probably be a good idea for Americans to replace income tax with import duties, as Trump proposes. They will gain more than they lose – at least in the short term,’ said the expert, who believes that the side effects of such a policy will have a positive impact on the American economy. In particular, the increase in the cost of imported goods will make American goods more competitive in terms of price, and foreign manufacturers may decide to relocate their production to the United States, contributing to the growth of employment in the country. In this context, the Trump administration’s intention to ensure the lowest corporate taxes in the world is of no small importance, the economist added. ‘Taken together, this will increase the purchasing power of Americans and give the economy a new impetus,’ Thorsten Polleit summarised.
Earlier, Fox Business reported that Trump, during his speech in Florida on 27 January 2025, proposed the complete abolition of the federal income tax in order to return the US to the “richest period” of its history. ‘Instead of taxing our citizens to enrich foreign nations, we should be imposing tariffs and taxes on foreign nations to enrich our citizens,’ the US president said. On 1 February 2025, Trump signed an executive order introducing tariffs on goods from Canada, China and Mexico. According to the document, 25% tariffs will be imposed on imports from Mexico and Canada (10% on Canadian energy raw materials). Trump later suspended their introduction for a month after speaking on the phone with Mexican President Claudia Sheinbaum and Prime Minister Justin Trudeau. Additional 10% tariffs will be imposed on goods from the PRC.
