During the campaign, President Donald Trump floated an "all tariff policy" to replace the federal income tax. Here's what experts say about the idea.

Higher tariffs could worsen the squeeze on American families by increasing their taxes, lowering their income, and requiring them to pay more for tariffed goods.

President Donald Trump’s sweeping tariff threats have been touch and go. As it stands currently, the 25 percent tax on goods from Mexico and Canada is on ice for a month, but a 10 percent tariff on Chinese goods is set to take effect on Tuesday, via an executive order of questionable legality.

The Trump administration hasn’t given up on the idea, according to Peter Navarro, a top adviser to the president who said Tuesday that new revenue from tariffs will be used to eliminate taxes on tips. That comes even as Republicans struggle to come up with enough revenue to make Trump’s 2017 tax cuts permanent, at a cost of more than $4 trillion.

We have an income tax as opposed to a tariff in part to deal with the mind of the South in 1913—yet the income tax revenue enabled revenue-destructive tariffs.

Here are some things to know about Trump’s actions, the counters from U.S. trading partners and what it means for American consumers.

The initial market reaction was relatively mild. Future reactions may not be.

As part of his economic agenda, President Donald Trump has proposed eliminating federal income taxes as a way to make the country richer. Find Out: Trump Wants To Eliminate Social Security Taxes: