Trump promised to replace taxes with tariffs. Here's what it would cost

Trump promised to replace taxes with tariffs. Here's what it would cost

President Trump said on Tuesday he believes tariff revenues could one day "replace" U.S. income tax, the government's primary revenue source. Why it matters: Customs duties fall well short of the trillions of dollars that Americans pay in taxes each year — income taxes generated roughly 13 times more revenue than tariffs did in the latest fiscal year.But Trump's claim is the latest confirmation of plans to keep import taxes at the center of his economic agenda, despite new curbs on his power to...

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