Trump’s Supply-Side Tax Cuts Are Many Times Larger Than Reciprocal Tariffs

When you look at the whole story, the worst case is that tariffs could come to a couple of hundred billion dollars, compared to overall stimulus and incentives from tax cuts and deregulation that could reach more than $5 trillion.

AP/John McDonnell
President Trump at the White House on February 22, 2025. AP/John McDonnell

President Trump’s supply-side tax cuts are many times larger than reciprocal tariffs.

Mr. Trump may be softening his stance on tariffs.

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