Market
How will the U.S. trade deficit with China change in 2025 due to new tariffs?
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Resolution / Starting Odds
Deficit increases • 25%
Deficit decreases • 25%
No significant change • 25%
Trade surplus • 25%
U.S. Census Bureau trade data
Story
Trump Proposes Abolishing Federal Income Tax, Replacing With Tariffs on Imports from China and India
Jan 28, 2025, 12:28 AM
President Donald Trump has proposed a significant overhaul of the U.S. tax system, advocating for the abolition of federal income tax. During a speech to House Republicans, Trump outlined his vision to replace income tax with tariffs on foreign imports, arguing that this would enrich American citizens and businesses. He emphasized a return to a historical economic model that he claims made the U.S. richer and more powerful, specifically referencing the period between 1870 and 1913. Trump's plan includes the creation of the External Revenue Service to manage the new tariff-based revenue system. He also mentioned targeting countries like China and India with tariffs, citing their high tariffs on U.S. goods. Critics have expressed concerns about potential inflation and increased import costs, while Trump remains committed to prioritizing American workers and families.
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Similar markets
Trade deficit decreases • 25%
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