‘Tariffs will replace income tax’: Trump defends trade deals after Supreme Court ruling

 President Trump asserted that most trading partners wish to maintain existing trade deals despite a Supreme Court ruling invalidating some tariffs. He also suggested tariff revenue could eventually replace income taxes, claiming these duties fueled economic growth and generated billions. However, a New York Fed paper indicated US firms and consumers bore most tariff costs. President Trump asserted that most trading partners wish to maintain existing trade deals despite a Supreme Court ruling invalidating some tariffs. He also suggested tariff revenue could eventually replace income taxes, claiming these duties fueled economic growth and generated billions. However, a New York Fed paper indicated US firms and consumers bore most tariff costs.