“Tariffs promote domestic industry and raise revenue.”
Tarriffs are not a zero sum game. There would be winners and losers, even among many “domestic industries”. As I have tried to explain.
The U.S. instituting tarriffs to replace the income tax, while most of our trading partners have not done that, will create a tarriff war, where U.S. domestic industries be hurt as well.
It already has and Trump’s own tariffs on steel and aluminum (which Biden wants to triple !) are a prime example. 1,000 jobs saved in steel manufacturing with 75,000 lost downstream.