Tax Foundation: Trump’s Tariffs Mark Largest U.S. Tax Increase Since 1993
According to the Washington-based Tax Foundation, the tariffs introduced under President Donald Trump represent the biggest tax rise as a share of GDP in over three decades.
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Terms & Concepts
Tariffs: Taxes imposed on imported goods and services, often used to protect domestic industries or raise government revenue.
Gross Domestic Product (GDP): A measure of the total value of goods and services produced within a country over a specific period.
Tax Foundation: A nonpartisan U.S. think tank that analyzes tax policies and their economic impact.