Two new analyses show that the tariffs Mr. Trump is using to punish China, Mexico, Europe and other governments would more than wipe out any gains from his $1.5 trillion tax cut for low- and middle-income earners, leaving them with less money to spend into a consumer-driven economy. Higher earners would fare only slightly better, with their tax gains significantly eroded but not entirely washed away.
The potential for Mr. Trump’s tariffs to nullify his signature tax cut shows how the president’s trade war could undermine his biggest selling point going into his 2020 re-election campaign: a strong economy.
View the complete June 3 article by Jim Tankersley on The New York Times website here.