Trump's Wild Overstatement Of Tariff Income

Data from the Treasury Department indicates a significant rise in revenue from tariffs on imported goods during April and May, achieving unprecedented monthly totals. However, this amount is less than half of what President Donald Trump has claimed. This month, Trump erroneously stated that the U.S. earned $88 billion from tariffs over two months. Despite inquiries, the White House did not clarify the origin of this figure. While Trump's comment aligns closely with tariff collections totaling over $81 billion from October to May—partially reflecting the Biden administration's period—his claims lack context. The U.S. gathered nearly $22.2 billion in May alone, breaking previous records. As of June 18, customs duties for the month hit $5.4 billion, pushing the fiscal year's tariffs closer to $88 billion. Yet, experts warn about potential inflation linked to these tariffs, predicting a rise in prices as inventory buffers diminish.