A White House adviser's analysis of the impact of President Trump's planned tariffs suggested Sunday that it will be dramatic. Peter Navarro said on Fox News that the tariffs will result in more than $6 trillion in federal revenue over the next decade. Experts said that almost surely would make them the largest peacetime tax hike in modern American history, the Washington Post reports. The 25% tariffs on imported cars alone, which are scheduled to kick in Wednesday, would raise $100 billion per year, Navarro said.
That could mean new vehicles will cost more, and Trump was asked about automakers taking that step by NBC News. "I couldn't care less if they raise prices," he said Saturday, "because people are going to start buying American-made cars." Most economists maintain that Trump's tariffs will be passed along to consumers, raising prices for not just autos but groceries, housing, and other goods, per the AP. Economic growth could be slowed, they say, and corporate profits could drop. Trump argues that more companies will open US factories to avoid the taxes, though that could take several years.
Details of the new tariffs remain publicly vague, and another Trump aide declined Sunday to elaborate on them. "I can't give you any forward-looking guidance on what's going to happen this week," said Kevin Hassett, director of the White House National Economic Council, per the Post. "The president has got a heck of a lot of analysis before him, and he's going to make the right choice, I'm sure."
- The AP has a detailed look at the possible effects of tariffs here.
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