section_path: Planning
section_name: Planning
paragraph_text: Planning
  
  While campaigning for his second term as US president, Trump pledged even larger tariffs than his first term, including 60% on China, 100% on Mexico, and 20% on all other countries. He also proposed tariffs to penalize US companies that outsourced manufacturing, such as a 200% tariff on John Deere. Trump also suggested replacing income taxes with tariff revenue—an idea economists from the Tax Foundation deemed "mathematically impossible". 23 Nobel Prize -winning economists signed a letter warning that Trump's policies, including high tariffs, would "lead to higher prices, larger deficits, and greater inequality".
  
  Trump appointed close economic advisor Peter Navarro as his Senior Counselor for Trade and Manufacturing. Navarro had been recently imprisoned for defying congressional subpoenas related to his role in attempts to overturn the 2020 election, including his " Green Bay Sweep " strategy. Navarro advocates for a permanent regime of trade barriers to balance the trade deficit and wrote books criticizing corporations for prioritizing profits over American jobs. He had served in high-ranking trade roles during Trump's first term but was often rebuffed by free market -minded Trump administration officials such as Gary Cohn, who resigned in protest of Trump's 2018 steel and aluminum tariffs. The Financial Times reported Navarro would receive more influence and less opposition in Trump's second administration. Navarro began working closely with cabinet nominees Howard Lutnick and Jamieson Greer. ING Group noted that plans for Trump's "reciprocal tariff" policy appeared to align with Navarro's section of Project 2025, titled "The Case for Fair Trade".
  
  Shortly after the 2024 election, Stephen Miran, now chairman of the Council of Economic Advisers under Trump, released a white paper titled "A User's Guide to Restructuring the Global Trading System," which proposed using tariffs as a tool to drive down the value of the dollar through a negotiated ' Mar-a-Lago Accord '. Miran and other key figures in the administration have suggested that the dollar is significantly overvalued because of its status as a global reserve currency, and that tariffs can be used to weaken the dollar and revitalize American manufacturing, although this view has been criticized by some economists. While the administration's ultimate tariff formula did not closely resemble any of Miran's suggestions, the underlying ideas in Miran's white paper remain important in the Trump administration's conduct of trade policy.