BURSTPeter Navarro, a senior trade adviser to President Trump, said the president’s tariff plan will raise more than $6 trillion in federal revenue over the next decade.
Navarro joined “Fox News Sunday,” where host Shannon Bream noted that Americans are concerned that Trump’s tariffs are going to raise the price of everyday goods.
“First of all, we’re going to raise about $100 billion with the auto tariffs alone. What we’re going to do is, in the new tax bill that has to pass, it absolutely has to pass, we’re going to provide tax benefits, tax credits, to the people who buy American cars,” Navarro began. “This is a genius thing that President Trump promised on the campaign trail. So that’s going to happen.”
“In addition, the other tariffs are going to raise about $600 billion a year, about $6 trillion over a 10-year period, and we’re going to have tax cuts,” he continued. “It’s the biggest tax cut in American history for the middle class, for the blue collar.”
Trump’s tariffs on auto imports are set to go into place on Wednesday. He’s noted that additional tariffs, “larger than currently planned,” could go into effect for the European Union and Canada.
The remarks come just days before what Trump has called “Liberation Day.”
On Wednesday, his administration will impose sweeping reciprocal tariffs on other countries, part of what is shaping up as a critical week for the president’s economic outlook.
Wall Street analysts are warning that sharp swings in the stock market are likely to come amid Trump’s April 2 deadline.
While Navarro didn’t provide the details behind his $6 trillion figure, Bream noted that the average American, according to polling, is concerned about prices going up as a result of tariffs after electing a president for his economic approach.
“Trust in Trump,” Navarro replied. “We have the example from the first term.”