Main holder
President Donald Trump said Tuesday that his tariffs are raising “billion dollars”, which coincides with the estimates of some economists about the income that their taxes could generate, but during the next decade, not so far this year.
Key facts
“Billions of dollars are being raised in tariffs,” Trump wrote in Truth Social, suggesting that their taxes “have not caused inflation or any other problem for the United States, apart from huge amounts of money entering the coffers of our treasure.”
Trump omits that tariffs are paid by US companies to import foreign goods, and that these costs are eventually assumed by US consumers.
How many income has US raised for Trump’s tariffs?
The United States has raised 142 billion dollars in tariff revenues so far this fiscal year, which ends in September, according to data from the Treasury Department published on Tuesday. Since Trump’s tariffs entered into force in April, their encumbrances have generated about 96 billion dollars in income, after customs rights increased to 28 billion in July, which represents an annual increase of 273 %. Customs rights represented $ 27 billion in revenue in June, 22 billion in May and 16 billion in April. Before Trump tariffs were announced, customs rights totaled 8 billion in March and 7 billion in February and January. Customs rights are tariffs or taxes paid by importers in international trade, which means that companies, businesses or individuals in the United States must pay taxes when goods enter the country. Consumers tend to assume the weight of tariff costs, since companies adjust prices to compensate or absorb their effects.
Lee: Trump rebukes Solomon from Goldman and Bank’s economic research on the impact of tariffs
How many income will Trump tariffs generate?
Even Treasury secretary, Scott Besent, told MSNBC earlier this month that he expects tariffs to generate $ 300 billion annually, noting that “there is a possibility that it is more” in 2026. The Tax Foundation projected that Trump tariff Average in almost $ 1,300 in 2025 and $ 1,700 in 2026. The Committee for a Federal Budget Responsible, a non -profit organization of public policy, provides that Trump’s tariffs generate 2.8 billion dollars to the Gross Domestic Product of the US for fiscal year 2034 if they are maintained.
Have Trump tariffs influenced inflation?
Inflation fell more than expected to 2.7 % in July, although underlying consumer prices – a measurement that excludes food and energy – increased 3.1 % year -on -year, matching the maximum of the year recorded in January. It seems that Trump tariffs have increased prices, and some economists have warned that their taxes could increase costs until the end of the year. Michael Feroli, an EU chief economist in JPMorgan Chase, said in a note earlier this year that Trump’s tariffs would cause “significantly higher increases” in consumer prices and higher inflation at some time at some time this year. The president of the Federal Reserve, Jerome Powell, said last month that, although the EU economy was in a “solid position”, the effects of tariffs on the economy and inflation “are about to be seen.”
Tangent
Trump said last month that his administration would “consider” send checks based on the income that their tariffs have generated. Senator Josh Hawley, a Republican for Missuri, presented a bill after Trump expressed interest in a refund check, which would send at least 600 dollars to each adult and minor dependent eligible this year. A larger reimbursement check would be issued if tariff income exceeds projections, according to a draft of the project, which reduces the rate by 5 % – about 570 dollars – for joint declarants with a gross income adjusted greater than $ 150,000, family chiefs with income greater than $ 112,500 or individuals with income greater than $ 75,000. The project has not yet been considered.
This article was originally written by Forbes Us
Little text and great information in our X (formerly Twitter), follow us!
