Fact check: Trump says America is getting rich from the tariffs

1. Summary of the results

The claim that "America is getting rich from tariffs" is not supported by economic data. Tariffs currently provide only about 2% of federal tax revenue ($80 billion out of $4.44 trillion) ^[1]. Trump's specific claim about earning $2 billion per day from tariffs is false - the actual figure from February 2025 was around $258 million per day in customs duties ^[2].

2. Missing context/alternative viewpoints

Several crucial pieces of context are missing from the original statement:

• Economic Impact: Rather than enriching America, the tariffs have led to:
• A 7.6% decline in the S&P 500 since implementation ^[3]
• Potential increase in US inflation to 4% ^[4]
• Risk of unemployment rising to 5-6% ^[4]
• Disproportionate burden on lower-income households ^[5]
• Historical Context: Claims about tariffs driving historical wealth are misleading:
• GDP per capita was only $10,108 in 1913 compared to $58,487 in 2022 ^[6]
• Economists argue that tariffs were not a primary driver of economic growth in the late 1800s and early 1900s ^[6]

3. Potential misinformation/bias in the original statement

The statement contains several misleading elements:

• Who Actually Pays: The claim implies foreign countries pay tariffs, but in reality, they are paid by US importers ^[2]
• Economic Reality: To replace income tax revenue, tariffs would need to be around 70% or higher, which would cause significant economic distortions ^[1]
• Beneficiaries and Losers:
• Lower-income Americans are disproportionately affected by tariff costs ^[5]
• The policy could trigger capital flight and a balance of payments crisis ^[3]

Economists like Douglas Irwin have explicitly stated that Trump's interpretation of tariffs making America "proportionately the wealthiest" is "obviously not true" when examining per capita income and living standards ^[7].