One tax-related proposal of President-Elect Trump is to increase tariffs on foreign imports. On the campaign trail, he said he would impose a 10% to 20% tariff on most imported goods, a 60%-or-more tariff on Chinese products and a 100% tariff on vehicles from Mexico. His position is that tariffs would boost U.S. manufacturing and create new jobs. During the campaign, Trump also proposed replacing the U.S. income tax with foreign tariffs. Critics, however, argue these tariffs would increase prices for U.S. consumers. Whether and to what extent Trump will carry out his tariff proposals may depend on the ultimate makeup of Congress, negotiations with trading partners and other factors.
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