A White House aide says the tariffs could bring in $6 trillion over the next decade.
Transcript:
Loren Torres: If the Trump Administration continues its torrid pace of implementing tariffs, it could wind up amounting to the biggest tax hike in U.S. history. White House aide Peter Navarro says Trump’s tariffs are expected to bring in $6 trillion in revenue over the next decade.
Even with adjusting for inflation – that would be three times as much as the 1942 tax increase which was used to pay for World War II.
But Navarro has echoed the President’s belief that the tariffs are a tax cut, not a tax hike. He told Fox News “The message is that tariffs are tax cuts, tariffs are jobs, tariffs are national security. Tariffs are great for America. They will make America great again.”
Navarro also claims that the $6 trillion number doesn’t even include tariffs placed on cars. Those tariffs, he says, would bring in another $100 billion a year.
However, to reach Navarro’s total – a 25% tariff would have to be placed on almost all $3.3 trillion worth of goods imported by the U.S. last year.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#tariff #taxes #presidenttrump
source
