As President Donald Trump’s tariffs begin to kick in around the world, The Washington Post analyzed two of his claims: “we were losing $2 billion a day [under President Joe Biden], and “now we’re making $3 billion a day.”In an analysis, Glenn Kessler wrote, “both the Treasury Department and the data released by Customs and Border Protection show Trump is way off the mark.”Kessler broke down the February tariffs imposed on Canada and Mexico, which are 25%. It additionally calculated the March (20% tariffs) and April (145% tariffs) on China.The monthly Treasury report detailed the tariffs added up to $8.16 billion for the month of March, or $263 million a day.“Biden collected $76 billion in customs duties in fiscal 2024, or almost $210 million a day,” the outlet noted.ALSO READ: ‘All hands on deck’: Democrats unleash new strategy to derail TrumpWhile the April numbers have not yet been released, Kessler wrote, “We will be generous and assume all of the collections were customs duties. On April 15, the day after Trump spoke, customs and excise taxes were $250 million. On April 18, this past Friday, the government collected $323 million. That’s an increase, perhaps reflecting some impact from his tariff hike, but it’s still almost one-tenth of Trump’s $3 billion claim.”Kessler gave Trump “Four Pinocchios” and said, “Trump is peddling two nonsense numbers. First, tariffs are already bringing in $3 billion a year. He’s off by a factor of 10. Second, that Biden was losing $2 billion a year. That reflects a misunderstanding of trade — though with profound consequences.The outlet also underscored that, “Trump is wrong to suggest this money is being collected by countries.” Additionally, Kessler wrote, “economists agree that tariffs — essentially a tax on domestic consumption — are paid by importers, such as U.S. companies, which in turn pass on most or all of the costs to consumers or producers who may use imported materials in their products.” Meaning, “Americans will face higher prices for goods.”
‘Out of control’: Trump voters in major swing state now blaming him for high prices
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