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.
