Below are the core contents of Trump's 2025 tax reform plan:

- Tariff Adjustments: On April 2, 2025, local time, Trump announced a 10% "base tariff" on all countries and personalized higher "equivalent tariffs" on countries with the largest trade deficits with the U.S. For example, cumulative tariffs on China could reach 104%, Vietnam 46%, Cambodia 49%, etc. At the same time, some products may be exempt, such as steel and aluminum products constrained by specific tariffs, automobiles, as well as copper, pharmaceuticals, etc.

- Income Tax Adjustment Proposal: The plan aims to reduce the tax burden on middle and low-income families through tariff revenue, which may significantly reduce or even eliminate federal income tax. However, no specific details of the income tax adjustment plan have been released, such as how tax rates will change, whether tax brackets will be adjusted, etc.

From an economic perspective, the Tax Foundation estimates that the tax reform will increase U.S. real GDP by over 9%, real wages by 8%, and could create at least 2 million new permanent full-time jobs. However, a report from the U.S. think tank TPC shows that in the long run, its impact on U.S. economic growth is negligible and could even trigger higher inflation. The U.S. Tax Policy Center estimates that the tax reform will reduce U.S. federal revenue by $2.4 to $2.5 trillion from 2017 to 2027, and by $3.4 trillion from 2027 to 2037. From an international perspective, U.S. tax reform could trigger a global race to cut taxes, affecting tax policies and economic development in other countries.