Will Trump's tariffs really lower your taxes? Here's what tax experts say.
CBSN
President Trump describes his administration's sweeping new tariffs on other countries as a tool for accomplishing a range of key economic goals, including reviving U.S. manufacturing. Recently, he's been highlighting another aim: Lowering, or even eliminating, individual income taxes for most Americans.
"When Tariffs cut in, many people's Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year," he wrote Sunday on Truth Social, his social media app.
Tariffs are already kicking in, with businesses around the country facing import duties of 145% or more on imports from China and tariffs of 10% on goods shipped from almost every other nation. Many Americans say they disapprove of these import duties, which are typically passed onto consumers through higher prices, and are bracing for higher inflation as the costs trickle through the economy.
