Trump claims America is making '$2 billion a day' - Here's the TRUTH
US President Donald Trump has been imposing tariffs on countries globally; it ranges from 10% to 125%. Bearing the brunt of the heftiest taxes is China. World
US President Donald Trump has been imposing tariffs on countries globally; it ranges from 10% to 125%. Bearing the brunt of the heftiest taxes is China.
On Thursday (Apr 17), Trump touted that the 'US is getting rich on tariffs'. This also came as he chose to lash out at Federal Reserve Chief Jerome Powell for his comments on tariffs and linking it to inflation.
Also read: 'TOO LATE Jerome Powell': Trump bashes Fed Reserve Chief, calls for his termination - Here's why
Powell said, "Tariffs are highly likely to generate at least a temporary rise in inflation."
"We're making a fortune with tariffs" – these are Trump's claims. But is it true? Is it factual? Let's find out.
Amid the tariff-imposing spree, Trump chose to give a breather for discussions. And so, he announced a 90-day pause before the tariffs bring in money to the US.
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While addressing the media, he said the country is making $2 billion a day. Now, is it with the tariff in place, or is it an estimated figure?
The US Treasury Department publishes data daily, and nowhere do the figures align with Trump's claims.
Data from the Treasury Department suggests that with 'customs and certain excise taxes', the average for this month is $200 million a day. And for February, the country raised $7.25 billion.
White House Trade Advisor Peter Navarro had said tariffs would raise $700 billion a year. Now, that possibly could be where Trump is rounding off the magic '$2 billion' figure.
On Truth Social, Trump went all guns blazing as he wrote, "The ECB is expected to cut interest rates for the 7th time, and yet, "Too Late" Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete "mess!"
He added, "Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered interest rates, like the ECB, long ago, but he should certainly lower them now. Powell's termination cannot come fast enough!"
