President Trump just shared some sweeping changes to his import tax regime to enable time for trade talks.
He mentioned how a 90-day pause to his tariffs that drove the world and markets insane in two days would now undergo a short break. This would be applicable to all nations facing these tariffs, other than China. The latter has gotten a 125% hike on all imports.
While the economic world has called the President a lunatic for justifying the ridiculous calls, Trump says he’s doing a great favor to the US because the decision and strategy in place is paying off. He added by explaining how the US has been a victim of unfair trade for years, where so many nations continue to rip it off.
Many felt the majority of his claims were false or biased, and now he’s claiming that the decision is earning the country $2 billion per day.
Before the pause came into play yesterday, Trump said America made a fortune with tariffs. Sadly, he reiterated those claims in front of reporters but failed to link that figure to tariffs.
Media outlets such as the BBC failed to find any kind of published facts and figures that prove this to be true.
The American Treasury Department still publishes a daily statement on how much money arrives through customs duties to the federal government. Data from April 8th showed how the impact made gains of $192 million, and that’s well short of what the US President is claiming.