President Trump's tariffs yielded $68.9 billion in federal revenue in just five months, marking a significant increase. However, these costs are ultimately borne by American consumers and businesses, with experts warning of higher inflation and potentially slower economic growth. While the Congressional Budget Office predicts substantial debt reduction over time if tariffs remain intact, concerns grow regarding their impact on the overall economy, suggesting a risk of recession due to inflated prices and economic slowdown.
Tariffs revenue is coming from Americans' pockets. It's a tax on the backs of people who are importing either raw materials or, in my case, wine.
If Trump's tariffs were to remain in place for a full decade, they could shave $2.8 trillion off the federal debt, but they will also lead to higher inflation.
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