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Trump trade adviser Peter Navarro said Trump plans to impose tariffs worth $600 billion a year for 10 years, according to a post by Jeff Stein X in The Washington Post.
White House aide Peter Navarro Today: Trump’s tariffs raise $600 billion a year, or $6 trillion over a decade appears to reflect reports that Trump wants to be absolutely huge on tariffs, regardless of short-term economic outcomes
Navarro’s Video:
To put this into context, Trump’s proposed tariffs would be 2.2% of GDP.
This is the chart Tax Fund Of the largest tax hikes in US history as a percentage of GDP:
1941 was the year when Pearl Harbor was attacked and the United States entered World War II, but in 1941 the world was at war, so they lined up.
Other tax increases in 1950 and 1951 were during the Korean War, and 1943 was World War II.
The largest peacetime tax hike in US history was 1968, with Trump’s tariffs double as a percentage of GDP.
Economic Policy Research Center Republicans said they lost their hearts when Bill Clinton and Barack Obama oversaw far less tax increases.
The Obama and Clinton tax hikes were about a fifth and a third as much as Trump wanted to do with tariffs.
