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The fragrance industry has been one of the few bright spots in the U.S. economy since the Great Recession.

As of early 2016, the U and Canada were the only two countries in the world that didn’t have a national fragrance sales tax.

But now the U, a major trading partner for many companies, is proposing to eliminate that.

It was the first time the U has proposed a tax on fragrance products, according to the White House.

The Trump administration argues that it’s a “fair tax,” which would raise an estimated $6 billion for the US.

Treasury each year.

But it’s also possible that the proposed tax would be too high, said Josh Fox, chief executive of The New York Times Company, which operates a major perfume industry trade publication.

Fox, whose company publishes The New Yorker, The Wall Street Journal and The New Republic, said the proposed new tax would only raise about $2.6 billion annually, about 2 percent of the $12.5 trillion U.N. budget.

The Treasury would have to increase the amount by about $1.5 billion per year to offset the extra revenue.

Fox said he wouldn’t be surprised if the proposed Trump tax, which has the support of the White Senate, is ultimately approved.

If that happens, the proposed repeal would also apply to cosmetics, hair and personal care products, including perfume.

The new tax is estimated to raise about another $3.2 billion annually in the first year, according the Treasury.

That means the new tax could raise an additional $4 billion for President Trump’s budget proposal.

Fox also said that the U could face a potential economic hit if it raised the proposed excise tax by $2 a gallon, or by 5 cents a gallon if the new excise tax was applied to gasoline.

That would add $5.8 billion to the U’s $6.3 trillion annual budget, according a Tax Foundation estimate.

Fox and other companies, including Kellogg, Target, PepsiCo and Macy’s, have expressed concern about the impact of the proposed change.

Trump has argued that the new taxes would not add to the budget deficit because the tax would help to fund the U government’s deficit-reduction goals.

The proposed tax is also supported by the American Petroleum Institute, a trade group for the oil and gas industry, and by the U.-S.

Chamber of Commerce.

President Trump and Vice President Mike Pence have defended the proposed rule, saying that the Treasury Department has not been given any specific estimates of how much it would raise in the short-term, according.

The White House did not immediately respond to a request for comment on Fox’s comments.

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