Anna Helhoski

I've seen some economists on the left, the center, and the right who all seem to say the same thing. Trump's tariffs don't make sense from an economic standpoint. And it's likely to fuel inflation as costs are passed on to U.S. consumers.

I've seen some economists on the left, the center, and the right who all seem to say the same thing. Trump's tariffs don't make sense from an economic standpoint. And it's likely to fuel inflation as costs are passed on to U.S. consumers.

There's one other element that I mentioned before, and that's the threat of retaliatory tariffs, which would mean the U.S. exports would cost more as well.

There's one other element that I mentioned before, and that's the threat of retaliatory tariffs, which would mean the U.S. exports would cost more as well.

There's one other element that I mentioned before, and that's the threat of retaliatory tariffs, which would mean the U.S. exports would cost more as well.

All right, so there's a lot to unpack. First off, yes, economists say that tariffs will raise revenue. The Tax Foundation says that a 10% universal tariff would raise $2 trillion, while a 20% universal tariff would raise $3.3 trillion.

All right, so there's a lot to unpack. First off, yes, economists say that tariffs will raise revenue. The Tax Foundation says that a 10% universal tariff would raise $2 trillion, while a 20% universal tariff would raise $3.3 trillion.

All right, so there's a lot to unpack. First off, yes, economists say that tariffs will raise revenue. The Tax Foundation says that a 10% universal tariff would raise $2 trillion, while a 20% universal tariff would raise $3.3 trillion.

But the revenue raised by those tariffs wouldn't offset the revenue losses that we'd see if the expiring provisions of the 2017 Tax Cuts and Jobs Act are made permanent. There's some other context that's important. Tariffs haven't been an important source of federal revenue, according to the budget lab at Yale University.

But the revenue raised by those tariffs wouldn't offset the revenue losses that we'd see if the expiring provisions of the 2017 Tax Cuts and Jobs Act are made permanent. There's some other context that's important. Tariffs haven't been an important source of federal revenue, according to the budget lab at Yale University.

But the revenue raised by those tariffs wouldn't offset the revenue losses that we'd see if the expiring provisions of the 2017 Tax Cuts and Jobs Act are made permanent. There's some other context that's important. Tariffs haven't been an important source of federal revenue, according to the budget lab at Yale University.

In fiscal year 2023, the US collected just $80 billion in net customers' duties. That's about 2% of total federal revenue in that period.

In fiscal year 2023, the US collected just $80 billion in net customers' duties. That's about 2% of total federal revenue in that period.

In fiscal year 2023, the US collected just $80 billion in net customers' duties. That's about 2% of total federal revenue in that period.

Yes and no. The U.S. doesn't have the capacity to produce everything that the country needs. As I said before, the U.S. is part of a global economy, so manufacturers at home still rely on imports from other countries as part of production. A 2019 paper by the Federal Reserve Board that analyzed the effect of Trump's 2018 tariffs on the U.S.

Yes and no. The U.S. doesn't have the capacity to produce everything that the country needs. As I said before, the U.S. is part of a global economy, so manufacturers at home still rely on imports from other countries as part of production. A 2019 paper by the Federal Reserve Board that analyzed the effect of Trump's 2018 tariffs on the U.S.

Yes and no. The U.S. doesn't have the capacity to produce everything that the country needs. As I said before, the U.S. is part of a global economy, so manufacturers at home still rely on imports from other countries as part of production. A 2019 paper by the Federal Reserve Board that analyzed the effect of Trump's 2018 tariffs on the U.S.

manufacturing sector found that import tariffs could protect some U.S. manufacturers from foreign competition. But it also said that any gains are offset by increased costs that could hurt U.S. manufacturers' ability to compete. The Federal Reserve Board even found that Trump's 2018 tariffs led to a, quote, relative reduction in manufacturing employment as well as increases in producer prices.

manufacturing sector found that import tariffs could protect some U.S. manufacturers from foreign competition. But it also said that any gains are offset by increased costs that could hurt U.S. manufacturers' ability to compete. The Federal Reserve Board even found that Trump's 2018 tariffs led to a, quote, relative reduction in manufacturing employment as well as increases in producer prices.

manufacturing sector found that import tariffs could protect some U.S. manufacturers from foreign competition. But it also said that any gains are offset by increased costs that could hurt U.S. manufacturers' ability to compete. The Federal Reserve Board even found that Trump's 2018 tariffs led to a, quote, relative reduction in manufacturing employment as well as increases in producer prices.