Trump stated that tariffs will replace income tax.

Feb 25, 2026, 2:49:19 AM UTC(19 hours ago)

Impact: Very High

Affected Assets

Trump stated that tariffs will replace income tax.
Former President Trump stated tariffs will replace income tax.
Tariffs are taxes on imported goods, historically used to raise revenue and protect domestic industries.
Replacing income tax with tariffs could disproportionately affect low- and middle-income individuals due to increased costs on goods.
Tariffs can reduce imports and the gains from trade, potentially leading to economic inefficiencies.
Experts estimate that tariffs generate less revenue than direct taxes, and may reduce the bases of income and payroll taxes.

Trump: Tariffs will replace income tax