Key Takeaways:
- Trump claimed the U.S. was losing $2 billion a day under Biden and now makes $3 billion a day due to tariffs.
- The Washington Post found these numbers are far from accurate.
- Tariffs are actually bringing in about $263 million a day, not $3 billion.
- Americans, not other countries, are paying the cost of tariffs through higher prices.
Trump’s Tariff Claims Don’t Add Up
President Donald Trump recently claimed that the U.S. was losing $2 billion a day under President Joe Biden and is now making $3 billion a day thanks to his tariffs. But a closer look at the numbers shows that these claims are not accurate.
The Washington Post analyzed data from the Treasury Department and Customs and Border Protection, and here’s what they found:
Understanding Trump’s Claims
First, let’s break down what Trump is saying. He claims that:
- Under Biden, the U.S. was losing $2 billion every day.
- Now, because of his tariffs, the country is making $3 billion daily.
These claims sound dramatic, but they don’t match the reality.
The Reality of the Numbers
The Washington Post’s analysis shows that Trump’s numbers are way off.
In March, the U.S. collected about $8.16 billion in tariffs. If you divide that by 31 days, that’s roughly $263 million a day. That’s far less than the $3 billion Trump claims.
Under Biden, the U.S. collected about $76 billion in customs duties in fiscal 2024. Divided by 365 days, that’s about $210 million a day. Again, nowhere near the $2 billion loss Trump suggested.
What Do These Numbers Mean?
Tariffs are taxes on imported goods, and they are paid by U.S. companies, not foreign countries. When Trump says the U.S. is “making” money, he’s ignoring how tariffs actually work.
For example, when the U.S. imposes a 25% tariff on goods from Canada or Mexico, American businesses importing those goods pay the tariffs. These costs are often passed on to consumers, meaning Americans end up paying more for everyday items.
The Bigger Picture
Trump’s claims are not just incorrect; they also misunderstand how tariffs work.
Tariffs are not a free windfall for the U.S. treasury. They are a tax on imports, and they can lead to higher prices for consumers and businesses.
For instance, the U.S. imposed 25% tariffs on Canada and Mexico in February, 20% on China in March, and a whopping 145% on Chinese goods in April. But even with these increases, the daily revenue is nowhere near $3 billion.
In mid-April, after Trump’s tariffs took effect, the U.S. collected about $250 million to $323 million in customs duties daily. While this is an increase, it’s still only a fraction of Trump’s claim.
The Burden on Americans
Trump’s tariff policy is often presented as a way to punish foreign countries, but the reality is that Americans foot the bill.
When businesses pay tariffs, they often raise prices for consumers. This means families could end up paying more for things like clothes, electronics, and even food.
Additionally, tariffs can hurt American businesses that rely on imported materials. For example, a car manufacturer importing parts from China might have to pay higher tariffs, which could increase the cost of producing vehicles and ultimately lead to higher prices for buyers.
The Bottom Line
Trump’s claims about tariffs are not just misleading—they’re completely off.
Instead of losing $2 billion a day under Biden or making $3 billion a day now, the U.S. is collecting about $263 million daily from tariffs. That’s a far cry from Trump’s numbers.
It’s also important to remember that tariffs are not paid by foreign countries. They are paid by American businesses and consumers.
The next time you hear claims about tariffs making the U.S. rich, remember: the math just doesn’t add up.