Trump's proposed tariffs could raise trillions in revenue by 2034

Estimated conventional revenue generated by 10% and 20% universal baseline tariffs, $bn

10% tariff

20% tariff

$400bn

300

200

100

0

2025

26

27

28

29

30

31

32

33

34

10% tariff

20% tariff

$400bn

300

200

100

0

2025

26

27

28

29

30

31

32

33

2034

10% tariff

20% tariff

$400bn

300

200

100

0

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

10% tariff

20% tariff

$400bn

300

200

100

0

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

Guardian graphic. Source:Tax Foundation. Note: figures include income and payroll tax offsets, but exclude impact of taxes in shrinking the US economy and possible retaliatory measures by US trade partners