Comment by shirro

Yes it is regressive taxation. It can't be judged in isolation without considering how that revenue will be spent. If that revenue went into massive public works and social programs the stimulus could increase consumer spending which in combinations with tariffs might possibly benefit US business and jobs (gut feeling, not an economist) though perhaps the overall economy might still suffer. Clearly that isn't the plan though.

If it funds tax cuts for the extremely wealthy then potentially its going to be a colossal shit show.

Meanwhile countries are raising barriers against US exports and those losses will need to be made up with increased domestic demand. It is a very brave experiment.