‘Tariffs will replace income tax’: Donald Trump defends trade deals after Supreme Court ruling
President Trump asserted that most trading partners wish to maintain existing trade deals despite a Supreme Court ruling invalidating some tariffs. He also suggested tariff revenue could eventually replace income taxes, claiming these duties fueled economic growth and generated billions. However, a New York Fed paper indicated US firms and consumers bore most tariff costs.🕒 1 min read
President Trump asserted that most trading partners wish to maintain existing trade deals despite a Supreme Court ruling invalidating some tariffs. He also suggested tariff revenue could eventually replace income taxes, claiming these duties fueled economic growth and generated billions. However, a New York Fed paper indicated US firms and consumers bore most tariff costs.
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