Trump's Global Trade War

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US Politics

Lutnick says tariffs are like ‘joining Costco’, but is the revenue enough to replace U.S. income tax?

Summary

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73% Informative

U.S. President Donald Trump wants to eliminate income tax for Americans earning less than US$150,000 .

Commerce secretary Howard Lutnick has likened the idea of forcing other countries to pay to access American markets to getting a Costco membership.

But could the US . really raise enough from tariffs to replace income tax?.

Based on Trump ’s plan of imposing a 20 per cent tariff on goods from China and 25 per cent on Canada and Mexico , the U.S. would earn about US$100 to US$130 billion per year, according to various estimates.

This is still more than the estimated US$560 billion that York calculated the United States could earn after imposing a tariff rate of about 70 per cent .

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semi-formal

Language

English

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not offensive

Hate speech

not hateful