Ledger · Second term · № 236
Tariffs will be paid by foreign countries, not Americans
Broken“Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.”
- Promised
- , Inaugural address, U.S. Capitol
- Re-promised
- 30 times with a fresh deadline
- Topic
- Trade & tariffs
- Era
- Second term
What happened
Importers and consumers, not foreign governments, paid. The Yale Budget Lab estimated the tariffs cost the average U.S. household about $1,700 a year; inflation rose after the April 2025 announcement and consumer confidence fell for five straight months. On Feb. 20, 2026 the Supreme Court ruled 6-3 in Learning Resources, Inc. v. Trump that IEEPA does not authorize tariffs, voiding the centerpiece of the program and forcing an estimated $175–$200 billion in refunds to the importers who had in fact paid.