Economists widely criticized President Trump's support for universal tariffs as unrealistic, according to CNBC. The president suggested in an April 15th Fox interview that tariff revenue could eventually replace the federal income tax. The Tax Foundation estimates that a 10% universal tariff could generate over $2 trillion over a decade, far short of the income tax's current scale. It would reduce GDP by forty basis points. The U.S. imported over $3 trillion in goods in 2023, while more than $20 trillion in income was taxed. The IMF downgraded 2025 U.S. growth projections due to trade tensions.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Economists widely criticize President Trump's support for universal tariffs as unrealistic,
00:07according to CNBC. The President suggested in an April 15th Fox interview that tariff revenue
00:12could eventually replace the federal income tax. The Tax Foundation estimates that a 10%
00:16universal tariff could generate over $2 trillion over a decade, far short of the income tax's
00:21current scale. It would reduce GDP by 40 basis points. U.S. imported over $3 trillion in goods
00:27in 2023, but over the $20 trillion in income was taxed. The IMF downgraded 2025 U.S. growth
00:33projections due to trade tension. For all things money, visit Benzinga.com slash GSTV.