Financial Implications
The predicts a $2.4 trillion increase in federal budget deficits over the next decade due to tax cuts in 's , offset by a $2.5 trillion reduction in deficits from proposed tariffs.
Economists warn that relying on tariffs for revenue is precarious, citing their instability and potential to harm the economy through higher prices and reduced competitiveness.
Political and Economic Perspectives
Critics argue that Trump's tariff strategy, including its potential to replace federal income tax, is fundamentally flawed and could be easily reversed by future administrations or courts.
The strategy faces opposition not only from economists but also from activists protesting cuts in federal aid, highlighting the broad concern over the economic and social impacts of the bill.