Bigger than history's largest tax increase: How Trump’s tariffs could play out

A White House aide says the tariffs could bring in $6 trillion over the next decade.

Transcript

00:00If the Trump administration continues its torrid pace

00:03of implementing tariffs, it could wind up amounting

00:05to the biggest tax hike in U.S. history.

00:07White House aide Peter Navarro says Trump's tariffs

00:10are expected to bring in $6 trillion in revenue

00:13over the next decade.

00:14Even with adjusting for inflation,

00:16that would be three times as much as the 1942 tax increase

00:20which was used to pay for World War II.

00:22But Navarro has echoed the president's belief

00:24that the tariffs are a tax cut, not a tax hike.

00:27He told Fox News,

00:29the message is that tariffs are tax cuts,

00:31tariffs are jobs, tariffs are national security,

00:34tariffs are great for America,

00:36they will make America great again.

00:38Navarro also claims that the $6 trillion number

00:41doesn't even include tariffs placed on cars.

00:43Those tariffs, he says, would bring in another

00:45$100 billion a year.

00:47However, to reach Navarro's total,

00:49a 25% tariff would have to be placed

00:51on almost all $3.3 trillion worth of goods

00:54imported by the U.S. last year.

00:56That'll do it for your daily briefing.

00:58From New York City, I'm Lauren Torres with The Street.