“Liberation Day” is almost here, and President Trump is insistent that the tariffs that come with it are here to stay this time.

Ahead of the implementation of his new tariffs and potential expansion of others on Wednesday, Mr. Trump’s advisors are touting the tariffs as a significant new source of revenue for the debt-stapped nation. Despite signs of reticence from the stock market and consumers, the White House remains keen to follow through on what is effectively the largest peacetime tax increase in American history. 

Tariffs have been an obsession of the president’s for decades, and he has dedicated himself to using them as a tool of economic warfare against enemies and allies alike since his return to the White House. Administration officials say the costs borne by consumers for the new levies will be offset by the tax cuts they will facilitate. 

Last week, the president announced that he would impose a 25 percent tariff on imported cars and car parts, which he says will prompt manufacturers to build factories in America. Following the announcement, the share prices for major auto manufacturers fell dramatically, with General Motors down 8 percent, Ford down more than 3 percent, and Stellantis down 6.5 percent last week. 

“We’re gonna raise about $100 billion with the auto tariffs alone,” Mr. Trump’s top trade advisor, Peter Navarro, told Fox News on Sunday. “The other tariffs are gonna raise about $600 billion a year — about $6 trillion over a ten-year period.” 

To offset the cost of those tariffs, Mr. Navarro says Americans will be paying less when Congress extends Mr. Trump’s 2017 tax cuts and energy prices drift lower. Regarding the car tariffs announced last week, Mr. Navarro says a new proposal is in the works to allow Americans to deduct interest payments on American-made cars from their federal taxes. 

In an interview with NBC News, Mr. Trump said he doesn’t care if the price of foreign-made cars goes up, because he believes it will spur Americans to buy more domestically made vehicles. “I couldn’t care less. I hope they raise their prices, because if they do, people are gonna buy American-made cars. We have plenty,” he said. 

Turmoil in the stock market and fears of rising prices have led to a crash in consumer confidence in recent months, even though Mr. Trump got relatively strong marks on the economy during his first term and was seen as the more capable leader to bring down prices during the 2024 election. 

A poll released by CBS and YouGov Sunday suggests that voters have lost at least some of their confidence in his ability to steward the economy. Most of those polled, or about 64 percent, said the president is not focused enough on the prices of goods, and 42 percent said they are worse off financially under his policies. In January, 28 percent said they were worse off — a 14-point drop since the inauguration.

The director of Mr. Trump’s National Economic Council, Kevin Hassett, said on Fox Business Sunday morning that the president may make additional changes to the import taxes this week despite the stock market’s reaction to the chaotic way the administration has rolled out their tariff plans so far. 

“I can’t give you any forward-looking guidance on what’s gonna happen this week. The president has got a heck of a lot of analysis before him and he’s gonna make the right choice, I’m sure,” Mr. Hassett said. 

Like his advisors, Mr. Trump also says the “Liberation Day” tariffs will be permanent as a way to increase domestic manufacturing capacity and federal tax revenues. “Absolutely, they’re permanent, sure. The world has been ripping off the United States for the last 40 years and more. And all we’re doing is being fair, and frankly, I’m being very generous,” Mr. Trump told NBC News. 

If implemented as the White House describes them, experts say the tariffs will be equivalent to the largest peacetime tax increase in American history. The only tax increase larger than the one Mr. Trump is now describing was imposed in 1942 as the United States was entering World War II.