In 2025, President Trump announced plans to implement a universal baseline tariff of 10 percent. Estimates show that a 10 percent universal tariff on imported goods would raise U.S. revenue by 2.95 trillion U.S. dollars, while a 20 percent tariff would raise revenue by 2.62 trillion U.S. dollars. Comparatively, imports before Trump's proposed taxes would increase revenue by 3.28 trillion U.S. dollars. By enacting tariffs on all imports, significantly less foreign-produced goods would be purchased, thus decreasing the overall amount of imported goods.
Revenue projections of Trump's universal baseline tariffs on imported goods in the United States from 2025 to 2031
(in trillion U.S. dollars)
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Tax Foundation. (November 6, 2024). Revenue projections of Trump's universal baseline tariffs on imported goods in the United States from 2025 to 2031 (in trillion U.S. dollars) [Graph]. In Statista. Retrieved May 14, 2025, from https://www.statista.com/statistics/1557484/projections-trumps-universal-tariffs-imports-us/
Tax Foundation. "Revenue projections of Trump's universal baseline tariffs on imported goods in the United States from 2025 to 2031 (in trillion U.S. dollars)." Chart. November 6, 2024. Statista. Accessed May 14, 2025. https://www.statista.com/statistics/1557484/projections-trumps-universal-tariffs-imports-us/
Tax Foundation. (2024). Revenue projections of Trump's universal baseline tariffs on imported goods in the United States from 2025 to 2031 (in trillion U.S. dollars). Statista. Statista Inc.. Accessed: May 14, 2025. https://www.statista.com/statistics/1557484/projections-trumps-universal-tariffs-imports-us/
Tax Foundation. "Revenue Projections of Trump's Universal Baseline Tariffs on Imported Goods in The United States from 2025 to 2031 (in Trillion U.S. Dollars)." Statista, Statista Inc., 6 Nov 2024, https://www.statista.com/statistics/1557484/projections-trumps-universal-tariffs-imports-us/
Tax Foundation, Revenue projections of Trump's universal baseline tariffs on imported goods in the United States from 2025 to 2031 (in trillion U.S. dollars) Statista, https://www.statista.com/statistics/1557484/projections-trumps-universal-tariffs-imports-us/ (last visited May 14, 2025)
Revenue projections of Trump's universal baseline tariffs on imported goods in the United States from 2025 to 2031 (in trillion U.S. dollars) [Graph], Tax Foundation, November 6, 2024. [Online]. Available: https://www.statista.com/statistics/1557484/projections-trumps-universal-tariffs-imports-us/
