Source: Cointelegraph Original: "{title}"

U.S. President Donald Trump signed an executive order establishing reciprocal tariffs for trade partners, imposing a baseline tariff of 10% on all imported goods from all countries.

Trump stated that the reciprocal tariffs would be about half of the tariffs that trade partners impose on U.S. imports. For example, China currently imposes a 67% tariff on U.S. imports, so the reciprocal tariff on Chinese goods would be 34%. Additionally, Trump announced a standard 25% tariff on all imported automobiles.

Trump told the media that these tariffs would return the U.S. to the economic prosperity of past centuries:

"From 1789 to 1913, we were a country supported by tariffs. During that period, the wealth of America was at its highest in history. How wealthy were we? In the 1880s, we even established a committee to decide how to handle the large amounts of money collected."

Trump said, "Then, in 1913, for reasons incomprehensible to humanity, they established the income tax, starting to make citizens pay taxes instead of foreign nations."

Detailed breakdown of reciprocal tariffs by country. Source: Cointelegraph

Trump proposed tariffs from an economic protectionist perspective, suggesting replacing income tax with tariffs, returning to 19th-century economic policies.

In October 2024, Trump proposed the idea of abolishing the Internal Revenue Service (IRS) during his campaign and suggested funding the federal government through trade tariffs.

According to estimates from accounting automation company Dancing Numbers, Trump's plan could save each American taxpayer between $134,809 and $325,561 in taxes over their lifetime.

U.S. President Trump introduced reciprocal trade tariffs to the media at a press conference on April 2. Source: Fox 4 Dallas

The higher range of tax savings estimates can only be achieved if other wage-based taxes at the state and local levels are eliminated.

U.S. Secretary of Commerce Howard Lutnick, who took office in February, also expressed support for replacing the IRS with an "External Revenue Service."

Lutnick stated that the U.S. government cannot balance its budget while continually asking citizens for more money each year. He also pointed out that tariffs can not only protect American workers but also strengthen the U.S. economy.

Related: Arthur Hayes: If the Federal Reserve shifts to quantitative easing, Bitcoin will reach $250,000 by 2025.

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