Trump has said he will simply set new tariff rates negotiated internally within the U.S. government over the next few weeks — although he already did that on his April 2 “Liberation Day,” which caused the world economy to shudder .

President Donald Trump says "there's a real chance" tariff revenue can replace the income tax. Economists say a full replacement isn't likely.

President Donald Trump makes no secret of his love of tariffs. He heralds them as a way of bringing in revenue, striking back at countries he sees as taking advantage of the U.S. in trade, and as a cudgel to push countries to do what he wants.