The problem is, like so many things he says, it's a lie. We aren't taking in anywhere near "trillions."
According to
Co-Pilot:
How much money have the tariffs brought in?
Quick Answer: In 2025, U.S. tariffs have generated tens of billions of dollars, with estimates ranging from about $88 billion year-to-date through August to projections of roughly $300 billion annually under current policies.
Breakdown of Tariff Revenue in 2025
- Year-to-date revenue: By August 2025, tariffs had raised $88 billion, with $23 billion collected in August alone.
- Effective tariff rates: Average effective tariffs rose from 2.4% in January to about 10–11.5% mid-year, reflecting aggressive new trade measures.
- Annual projections: Analysts estimate tariff collections could reach $300 billion annually, driven by baseline 10% tariffs on most imports and 30% tariffs on Chinese goods.
- Budgetary impact: The Congressional Budget Office projects tariffs could reduce primary deficits by $2.5 trillion over 11 years, assuming current rates persist.
- Political framing: President Trump has touted tariffs as generating “hundreds of millions” monthly, even proposing $2,000 “tariff dividend” checks to Americans.
Furthermore, if the tariffs are working and we have such a wonderful economy, why do 76% of Americans have a negative view of it?