No kidding. Income taxes only finance half government spending today and tariffs are only 80-90% of existing revenue. Apple for one couldn’t source all component parts domestically even if it wanted to, so wouldn’t even HAVE an iphone without imports never mind the astronomical cost and supply/demand issues. Under this proposal the government would still be subsidizing manufacturing of radios, alarm clocks and compact discs.
Not only that. In as much as we are borrowing so much, income tax revenue is only $2.5 trillion, while imports are valued at about $4 trillion. To get an equal amount of revenue, tarrifs would have to be accross the board at more than 60%. Anyone thinking our trading partners will not respond in kind is dreaming, and if and when our trading partners did respond in kind there will go a big percent of U.S. exports in things such as refined petrolieum products, crude oil and natural gas, cars, integrated circuits, semicinductors, civilian aircraft, aircraft parts, pharmaceuticals, medical devices/instruments, rice, soybeans, wheat, and more. Anyone thinking those “domestic indutsries” would benefit from a U.S. instituted tarriff war is aslo dreaming.
What kind of simplistic thinking is that? Factories can only be built in the third world? Is that what yhou think?