Trump placed tariffs totaling 145% on China, leading China to retaliate with tariffs of 125% on the U.S. — essentially triggering a trade war between the world’s two largest economies with the potential to bring on a recession.

President Donald Trump says "there's a real chance" tariff revenue can replace the income tax. Economists say a full replacement isn't likely.

President Donald Trump makes no secret of his love of tariffs. He heralds them as a way of bringing in revenue, striking back at countries he sees as taking advantage of the U.S. in trade, and as a cudgel to push countries to do what he wants.