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Trump’s commercial advisor, Peter Navarro, said, according to an X post by Jeff Stein, of the Washington Post that Trump plans to impose rates per year per year of $ 600 billion for ten years:
White House Assistant Peter Navarro Hoy: Trump tariff
Navarro video:
To put this in context, Trump’s proposed tariffs would be 2.2% of GDP.
Here is a chart of The Fiscal Foundation of the highest tax increases as a percentage of GDP in the history of the United States:
1941 falls on the line because that is the year that Pearl Harbor was attacked and the United States entered World War II, but the world was at war in 1941.
The other tax increases in 1950 and 1951 were during the Korean War, and 1943 was World War II.
The greatest tax increase in peace times in the history of the United States was in 1968, and Trump tariffs are twice as a percentage of GDP.
The Economic and Policy Research Center He noted that the Republicans lost their heads when Bill Clinton and Barack Obama supervise the much smaller tax increases: “In comparison, the increase in taxes that Bill Clinton promoted in 1993, mainly on high -end taxpayers, reached 0.66 percent of GDP.
Obama and Clinton’s tax increases were approximately fifth and one third as what Trump wants to do with tariffs.
