Trump boasted that his tariffs would bring in trillions of dollars of revenue every year and that other countries had pledged over 10 trillion dollars in American investments. His cabinet also claimed that the American economy would grow at 6%.
In practice, the total tariff revenues last year were just a little over $200 billion, much of which will now have to be refunded. It’s not clear if any of the investments pledged will actually materialise and Trump himself inadvertently admitted in one of his Truth social rants that Q4 GDP growth in 2024(when the impact of the tariffs was at its worst) was just 1.4%.
Meanwhile Trump’s tax cuts and defence spending have ballooned the deficit and hurt job creation. He’s built an economic time bomb that future Presidents will have to spend multiple terms defusing.
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Trump boasted that his tariffs would bring in trillions of dollars of revenue every year and that other countries had pledged over 10 trillion dollars in American investments. His cabinet also claimed that the American economy would grow at 6%.
In practice, the total tariff revenues last year were just a little over $200 billion, much of which will now have to be refunded. It’s not clear if any of the investments pledged will actually materialise and Trump himself inadvertently admitted in one of his Truth social rants that Q4 GDP growth in 2024(when the impact of the tariffs was at its worst) was just 1.4%.
Meanwhile Trump’s tax cuts and defence spending have ballooned the deficit and hurt job creation. He’s built an economic time bomb that future Presidents will have to spend multiple terms defusing.