Trump Says His Tariffs Collected ‘Trillions’ In Revenue—Here’s The Real Figure#TrumpTariffs

President Donald Trump on Sunday said his tariffs, most of which an appellate court ruled illegal, have brought in “trillions of dollars”—which matches estimates from some economists for revenues his levies could generate, but over the next decade, not so far this year.

How Much Revenue Will Trump’s Tariffs Generate?

Even Treasury Secretary Scott Bessent told MSNBC earlier this month he expects tariffs would generate $300 billion annually, noting “there’s a chance that could be higher” in 2026. The Tax Foundation projected Trump’s tariffs would raise about $2.5 trillion over the next decade, even as the levies will likely raise the price of common goods and taxes for the average household by nearly $1,300 in 2025 and $1,700 in 2026. The Committee for a Responsible Federal Budget, a public policy nonprofit, expects Trump’s tariffs to generate $2.8 trillion to the U.S. gross domestic product by fiscal year 2034 if they continue.

Have Trump’s Tariffs Influenced Inflation?

Inflation jumped lower than expected to 2.7% in July, though core consumer prices—a measurement that excludes food and energy—rose 3.1% year-over-year, matching a high this year set in January. It appears Trump’s tariffs have raised prices, and some economists have warned his levies could hike costs through the end of the year. JPMorgan Chase’s chief U.S. economist, Michael Feroli, argued in a note earlier this year that Trump’s tariffs would result in “meaningfully larger increases” to consumer prices and higher inflation at some point this year. Federal Reserve Chair Jerome Powell said last month that while the U.S. economy was in a “solid position,” the effects of tariffs on the economy and inflation “remain to be seen.”

Tangent

Trump said last month his administration would “consider” sending checks based on the revenue his tariffs have generated. Sen. Josh Hawley, R-Mo., introduced a bill after Trump signaled interest in a rebate check.