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Bigger than history's largest tax increase: How Trump’s tariffs could play out
The Street
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4/1/2025
A White House aide says the tariffs could bring in $6 trillion over the next decade.
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Sports
Transcript
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00:00
If the Trump administration continues its torrid pace
00:03
of implementing tariffs, it could wind up amounting
00:05
to the biggest tax hike in U.S. history.
00:07
White House aide Peter Navarro says Trump's tariffs
00:10
are expected to bring in $6 trillion in revenue
00:13
over the next decade.
00:14
Even with adjusting for inflation,
00:16
that would be three times as much as the 1942 tax increase
00:20
which was used to pay for World War II.
00:22
But Navarro has echoed the president's belief
00:24
that the tariffs are a tax cut, not a tax hike.
00:27
He told Fox News,
00:29
the message is that tariffs are tax cuts,
00:31
tariffs are jobs, tariffs are national security,
00:34
tariffs are great for America,
00:36
they will make America great again.
00:38
Navarro also claims that the $6 trillion number
00:41
doesn't even include tariffs placed on cars.
00:43
Those tariffs, he says, would bring in another
00:45
$100 billion a year.
00:47
However, to reach Navarro's total,
00:49
a 25% tariff would have to be placed
00:51
on almost all $3.3 trillion worth of goods
00:54
imported by the U.S. last year.
00:56
That'll do it for your daily briefing.
00:58
From New York City, I'm Lauren Torres with The Street.
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