Why Trump's tariffs may do little to pay for tax cuts

The White House is arguing that revenue from President Trump's tariffs on U.S. importers is going to help pay for domestic tax cuts.

“This time around, tariffs will help pay for both tax cuts and deficit reduction,” Stephen Miran, chair of the White House Council of Economic Advisers (CEA), said Monday, distinguishing the incoming general tariffs from more targeted tariffs initiated in Trump’s first term.

“Lower taxes on Americans, financed in part by revenue provided from foreigners...