U.S. President Donald Trump signed an executive order that established mutual tariffs on trading partners and imposed a benchmark tariff of 10% on all imports in all countries.
Trump said mutual levies account for about half of the fees charged by trading partners for import taxes to the United States. For example, China currently has a tariff of 67% on U.S. imported goods, so the U.S. reciprocal tariff on Chinese goods will be 34%. Trump also announced a standard 25% tariff on all auto imports.
Trump told the media that tariffs will restore the country’s economic prosperity in previous centuries:
“From 1789 to 1913, we were a tariff-backed country. The United States was the richest ever. In fact, in the 1880s, they established a committee to decide what to do with the huge amount of money they collected.”
“Then, in 1913, for reasons unknown to humans, they determined the income tax so that citizens, not foreign countries, began payments,” Trump said.
All subdivisions of mutual tariffs nationwide. source: COINTELEGRAPH
Trump puts forward tariffs through economic protectionist perspectives and suggests a return to economic policies in the 19th century Replace income tax with them.
Trump proposes elimination of federal income tax and exchange for tariff income
Trump proposed the idea of abolishing the IRS and was still on the campaign trail in October 2024, funding the federal government only through trade tariffs.
According to accounting automation company dancing figures, Trump’s plan can Save $134,809-$325,561 per U.S. taxpayer Taxes in a lifetime.
U.S. President Donald Trump told the media about the reciprocal trade tariffs at a press conference on April 2. source: Fox 4 Dallas
Higher tax estimates will only occur when other wage-based taxes are eliminated at the state and municipal levels.
Howard Lutnick, Business Secretary, who Job in Februaryreturn Make a voice Support the use of “external tax services” instead of the IRS.
Lutnick said the U.S. government cannot balance the budget, but it requires its citizens to ask for more every year. He said tariffs will also protect American workers and strengthen the U.S. economy.
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