Better than anyone · Second term · № 61
'Nobody understood tariffs like I understood tariffs'
“Nobody understood tariffs like I understood tariffs.”
- Said
- , Remarks to U.S. servicemembers with Prime Minister Sanae Takaichi, Yokosuka, Japan
- Subject
- tariffs
- Topic
- Trade & tariffs
- Era
- Second term
What the record showed
On April 2, 2025 he said 'I've been talking about it for 40 years,' and on May 8, 2025 that tariffs 'are the most misunderstood thing, maybe in any form of business.' The Tax Foundation estimated the 2025 average effective tariff rate at 7.7 percent, the highest since 1947, costing about $1,000 per household in 2025 and $820 in 2026. On February 20, 2026 the Supreme Court ruled in Learning Resources, Inc. v. Trump that the president cannot impose tariffs under IEEPA and ordered refunds with interest.
Sources
- Remarks to United States Servicemembers With Prime Minister Sanae Takaichi of Japan in Yokosuka, Japan
- Remarks Announcing Additional United States Tariff Actions on Foreign Imports
- Remarks With Prime Minister Keir Starmer Announcing a United States Trade Agreement With the United Kingdom
- Trump Tariffs Tracker: Rates, Revenue, and Impact