Update to this post.
In nominal dollar terms. Thanks, Trump.
Notes: Tax increase associated with announced Trump tariffs on Canada, Mexico, and China assuming a unitary price elasticity of import demand (Orange Bar), and assuming zero (Orange Bar Plus Light Orange Bar). Source: Graphic from FactCheck (2012), modified by author. [graph edited 2/4]
The measures mean the US taxes additionally about $ 1.3 TRN WORTH OF Goods (2023 amounts). That's the biggest one year Tax increase in dollar terms since… ever, at $ 252 bn ($ 192 bn assuming unit elasticity of demand and if Trump goes through with plans). Taxes collected by CPB, and going into the us treasury.
That's in nominal dollar terms. If a share of gdp, it's 0.9%, 0.7% assuming unit elasticity.
By the way, Ontario's Retaliation Raises Canada's Taxes on American – A 25% Export Tax on Electricity Exports. Canada Exported is $ 4.2 Bn in 2022, and about 25% of that is from ontario. So add $ 260 to the tally.