Really? Please explain, on what level are the tariffs working?
So far this year, the tariffs have generated around $100 billion in extra revenue. Trump has so far managed framework agreements with the UK, Vietnam, Japan and the EU, (they’re not done deals until they’re ratified by Congress and the other countries‘ Parliaments.)
He appears to be settling for a general tariff rate of around 15% – three of the four “deals” are for that amount. The total value of goods imported last year to the US was $3.3 trillion, and it is likely that amount will reduce slightly with tariffs, so total tariff income will by unlikely to exceed around $450 billion, probably rather less.
US Government annual revenues from existing tariffs, income and corporate taxes, etc., last year was over $4 trillion. Trump’s Big Bullshit Bill doesn’t actually reduce government spending particularly, so the tariffs will barely cover 10% of Federal government revenues, if that . . .
It will not cover the tax cuts in the Big Bullshit Bill. Trump lied.
Many imported goods, and products containing imported materials will be more expensive, causing inflation, which Trump told you was Biden’s fault. Trump lied.
39¢ from every dollar the Federal government collects goes on paying interest on the National Debt, which is currently $37 trillion. According to the US Treasury’s own estimates, the Big Bullshit Bill will add a further $3 to $5 trillion to the National Debt. In order to sell Treasury Bonds and T-bills to raise that debt, the Fed Chair, whoever it is, will have to pay lenders at least the 4.5% interest that he’s paying now, if not more. Interest rates are not coming down. Trump lied.
By the end of Trump’s term, the Federal Government will be paying 45¢ in every dollar of revenue to service the National Debt, forcing it to make cuts to Social Security, Medicare, VA funding, etc., or go bankrupt. (Mind you, Trump’s businesses have gone bankrupt SIX times before, so that is nothing new for him.)
Make America Great Again? Trump lied.
Now, tell me again how his tariffs are working?
