One of Donald Trump’s signature achievements as president was a successful tax cut that slashed taxes for most Americans. But the former president is now advocating for the largest tax hike since 1968.

That’s right: Trump is promoting a new plan for a $330 billion tax hike on American consumers, via a 10% “tariff” on all imported goods from all countries.

“When companies come in and they dump their products in the United States, they should pay, automatically, let’s say a 10 percent tax,” Trump said during a recent Fox Business interview. “I do like the 10 percent for everybody.”

[Should we reshore our supply chains where possible? Absolutely. Punitive tariffs are a poor way to incentivize that, though, because companies will simply pass those costs onto consumers, as Brad says. It’s better to incentivize that through positive tax incentives, revamped regulation to lower costs, and eventually streamlined permitting that allows for domestic production of raw materials and facility construction. — Ed]