Mr. Trump's claim about tariffs lowering taxes amounts to "an argument that says, 'If Americans pay more out of their left pocket, the government will be able to put more in their right pocket,'" said Joe Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center, another think tank focused on taxes.

Economists have been skeptical of whether revenue from tariffs could actually offset income tax for Americans, despite President Donald Trump repeatedly saying it will.

President Donald Trump indicated that income taxes will be reduced or even eliminated for many people due to tariffs, with a focus on people earning under $200,000 per year.