Trump Set To Announce Biggest Tax Increase On Americans In Decades

Despite the president’s false claims, Americans actually pay U.S. tariffs — meaning his “liberation day” announcement is about liberating Americans from their money

WASHINGTON – President Donald Trump is set to announce Wednesday his decision to unilaterally raise taxes on American importers by trillions of dollars over the next 10 years, potentially the biggest tax hike since World War II, with that cost getting passed along to consumers.

“It’s an extraordinary tax increase,” said Douglas Holtz-Eakin, a conservative economist with the American Action Forum and formerly the director of the Congressional Budget Office.

Trump has been touting his announcement of his new import taxes — which he is doing on his own, without congressional approval — as “liberation day” for weeks. White House officials declined on Tuesday to reveal exactly how large a tariff Trump would impose and on which countries, although his statements in recent days have suggested that it would be across the board.

“Essentially all of the countries,” he told reporters on Air Force One on Sunday.

Earlier that day, Trump trade adviser Peter Navarro told Fox News: “Tariffs are going to raise about $600 billion a year, about $6 trillion over a 10-year period.”