Import Tariffs

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It seems to me that the amount of income from Import Tariffs is vastly less than what would be potentially earned.

According to The CIA World Factbook, the US had approximately $2.361 trillion dollars worth of imports in 2017. With the current maximum, the tariff would only be about 0.23%. For the UK, there were about $615.9 billion in imports in 2017, making the tariff about 0.12%.

While the numbers have surely changed a bit since then, this is still pretty low. I highly doubt a tariff of less than 0.5% would reduce International Trade by 45%.

Also, the income of the tariff should probably be scaled by the amount of International Trade.

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I guess our assumption is that tariffs are on limited goods, with limited countries. There are few situations where any country would have a blanket tariff on everthing.

However, we may well be setting the amount low, accroding to this article:
https://qz.com/1614032/us-tariff-revenues-are-skyrocketing/#:~:text=The%20US%20government’s%20revenue%20from,%2430-40%20billion%20per%20year.
Its currently about 3 or 4% us government income, which is quite high. I’ll look into it.

And yes, it should definitely scale with trade

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