#TrumpTaxCuts

Trump has already asserted that customs revenues could replace income tax, even though economists have questioned these claims.

"When tariffs are reduced, many people's income tax will be considerably reduced or even completely eliminated. The focus will be on those earning less than $200,000 per year," he said Sunday on his social network Truth Social.

Trump's positions on tariffs have disrupted markets, raised fears of price increases for Americans, prompted warnings of recession, and sparked concerns about the United States' status as a tax haven – a concern that Treasury Secretary Scott Bessent questioned in an interview on Sunday.