The tariffs most certainly will dissipate but we can't discount the chance that they may be replaced with actual written in law voted on by congress and signed by the president taxes that have similar but much more durable effects.
Manufacturing and heavy industry really hates off-shoring. They only do it because the sum total of other policy makes it the only viable option. I can see them taking a decent haircut in pursuit of some longer term goal.
Political suicide to roll back tax breaks if they are primarily for the <$150k earners, like trump wants.
What tax breaks has he aimed at these people beyond some of the overtime and tipping (which is expected to only equate to about $2K)?
Instead:
>The largest tax cuts would accrue to the highest-income families, the Treasury said.
> Household in the top 5% — who earn more than $450,000 a year, roughly — are the “biggest winners,” according to a July 2024 analysis by the Urban-Brookings Tax Policy Center. They’d get over 45% of the benefits of extending the Tax Cuts and Jobs Act, it said.
> A Penn Wharton Budget Model analysis on the impacts of the broad Republican tax plan had a similar finding.
> The bottom 80% of income earners would get 29% of the total value of proposed tax cuts in 2026, according to the Wharton analysis, issued Thursday. The top 10% would get 56% of the value, it said.
I don't know what news source you trust, but if you google it, he stated it back in March.
> According to Lutnick’s interview with CBS News, Trump’s tax policy goal is to remove federal income taxes for individuals earning under $150,000 annually.
(omitted some of the other bullet points around tariff funding and tip exemption)
> While Lutnick later walked back the certainty of these plans, he clarified that the proposal is aspirational and depends on the ability to balance the federal budget.
I have serious doubts about the likelihood of a Trump proposal that even his Commerce Secretary says are "aspirational". Then again, the other part of Trump is that sometimes he does whatever he wants, regardless of what his Secretaries have said or known (witness the tariffs being paused mid hearing, leading to a Republican politician frantically swiping at his iPad in the middle of his testimony about the value of keeping the tariffs despite widespread market uncertainty).
Trump and Sanders aren't opposites, they're next door neighbors with a common goal and mostly superficial disagreements like whether tax cuts or stimulus checks are better hand out approaches. They both want to trash trade deals and both want tariffs. If you are perplexed as many where why so many Bernie bros voted Trump over Hillary in 2016, this is the answer.
They are both blue-collar presidents, and both want to inflict damage onto the elite. The problem is that the elite are the system, their health is a function of the economies health, so it's a "buckle-in" moment when someone comes in who wants to rough up the elite.
What he says is almost irrelevant to what he actually does most of the time. He 'says' he wants to lower taxes on the lower income folks, but the tax bill he actually passed was essentially a handout to wealthy and businesses. He 'says' he wants to bring back manufacturing, but the reality is his tariff actions do nothing of the sort.