Donald Trump's new tariff plan falls well short of filling his budget hole

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Donald Trump's new tariff plan falls well short of filling his budget hole - Business Standard

Quick Summary:

Back then — before the introduction of taxes on household and corporate income that today bring in the lion’s share of federal receipts — tariffs were the leading source of government revenue.

One case study is the China tariffs that Trump imposed in his first term and the Biden administration has broadly maintained.

Analysis by Bloomberg Economics based on an across-the-board tariff of 20 per cent, a figure that’s also been mentioned by Trump, arrives at potential annual revenue of between $300 and $400 billion.