Fox guest: Even if Trump's tariffs create a 3% tax on Americans, it's “not the end of the world”
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From the March 12, 2025, edition of Fox News' America's Newsroom
BILL HEMMER (ANCHOR): Okay, now, whew, yesterday it was Canada, today it's the EU — talking a lot of countries and a lot of business, $1.6 trillion dollars in trade between the two. How is it going?
MARK TEPPER (CEO, STRATEGIC WEALTH PARTNERS): So, everyone's head is spinning right now because things are changing by the minute. It's very tough to keep up and figure out exactly what the outlook is going to be as it relates to tariffs.
Now, what I think all the viewers who are sitting at home who might be concerned about how it's going to impact them, what I think we should talk about very briefly is what I believe is worst case scenario.
So, worst case scenario, as a country we bring in $25 trillion dollars a year of total personal income. The total amount of goods we import is 3.3 trillion. If there is a 25% universal tariff on every single good we import, that equates to a 3% tax on taxpayers. Not fun, but not the end of the world.
So for everyone who's out there concerned, also recognize the fact that if we do extend the Trump tax cuts, that would essentially offset that 3%.