I've honestly never understood the point of the tariffs. 1. They're massively unpopular and likely to cause electoral losses in '26 and '28 which will immediately undo them 2. Consumers know the tariffs will likely cause a recession, and will likely be undone in 4y. Pretty much every major spending purchase that can be delayed, will. 3. Companies know 4y is not enough time to invest in new supply chains or new manufa…
Trump wants to get rid of income taxes for those earning under $150k. He most likely intends to pull out the financial pillar of income tax, and replace it with tariffs. He is likely waiting for the price crunch to blow up so he can step in an give everyone the "gift" of no income tax.
It would only make sense if consumption of tariff-imposed goods would keep steady to make up for the loss of income taxes, with consumer confidence cratering there's no way consumption keeps steady. On top of that you have inflation which will cause the Fed to raise interest rates, further lowering credit offering for consumption, bond yields raising which costs more of the budget for interest payment, requiring more taxes, it's a stupid plan all around...