A massive tax increase on imports. From Marketplace, I'm Sabri Beneshore in for David Brancaccio.

This afternoon at the White House, President Trump, is scheduled to unveil tariffs. A lot of them.

The president has said they will apply to practically all countries that export goods to the U.S.

Although we do not know exactly how high these import taxes will be yet.

What we do know is that a whole lot of U.S. allies are promising to retaliate in what could

be the beginning of a far-flung trade war.

Marketplaces Novasafo has more.

The Trump administration says tariffs will raise revenues for the federal government and incentivize more domestic manufacturing.

On Fox News over the weekend, advisor Peter Navarro, said tariffs will bring in some $600 billion a year in new revenues and will be coupled with income tax cuts.

If you look at this, but basically holistically, as they say, consumers and

Americans are going to be better off, including all the jobs they get. But a lot of experts are not so

sure. Former U.S. Trade Representative Catherine Tai, who served during the Biden administration,

said instead of targeting allies, we should focus on the People's Republic of China or PRC.

There are economies and countries that we need to work with to take on the common challenge of coexisting and competing successfully with the PRC economic model.

Meanwhile, the tariffs to be announced today have allies in Europe and Asia planning retaliatory measures. Add to that, the uncertainty brought on by how the Trump administration has rolled out

new tariffs. Doug Irwin is professor of economics at Dartmouth College with a focus on trade policies.

It's very hard to foster business investment if there's not some certainty about what policy is going to be two, three, five years down the road.

That uncertainty just sort of freezes up investment rather than unleashing it.

Many analysts say they want more clarity from the administration, both on the scope of the tariffs and the objectives the White House is trying to achieve.

I'm Novos Haifa for Marketplace.

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