U.S. President Donald Trump has once again reiterated his claim that tariffs are making America “rich as hell”. Speaking to top commanders at the Marine Corps Base in Quantico, Virginia, Trump boasted that tariffs are bringing in “trillions of dollars” for the country, calling tariffs his “favourite word” and even suggesting the revenues were large enough to “buy a lot of battleships”.
But while tariffs are indeed adding billions to federal revenue, official data presents a very different picture from the one Trump portrays. According to U.S. government figures, tariffs generated between $165 and $183 billion in revenue from January to August 2025. That marks a significant increase compared to previous years. In fact, August alone set a new monthly record, with the United States collecting $30 billion in tariffs, more than double the amount recorded during the same period last year.
However, experts note that even these impressive figures fall far short of Trump’s bold claims. The revenue collected is nowhere near the “trillions” he cited, nor does it match his previous assertion of $2 billion a day. And when placed alongside America’s mounting $37 trillion national debt, the revenue constitutes only a small fraction of the country’s financial obligations.
More importantly, analysts emphasise that tariffs are not paid by foreign governments, as Trump has often suggested. Instead, they are paid by U.S. companies that import goods, meaning the costs are ultimately passed down to American consumers and businesses. This realisation has already begun to show. Prices on electronics, appliances, toys, and household goods are rising. Inflation, which had been relatively stable, is creeping upwards.
At the same time, companies are reducing hiring, citing rising costs and growing uncertainty. Economists warn that while the government may be collecting more in tariff revenue, American households are bearing the brunt of the economic hardship. Trump has presented tariffs as a strategic tool to put pressure on countries like China, India, and the European Union in trade negotiations.
And in some cases, this strategy has led to results, with Washington securing new deals with several nations. But critics argue that the hidden costs of this policy—rising consumer prices, slowed job growth, and weakened business confidence—could outweigh the benefits.
As the debate continues, one thing is clear: tariffs might be boosting U.S. revenue, but they are far from making America “rich as hell.” Instead, the burden of Trump’s tariff war seems to be falling hardest on the very people he claims to be making prosperous—American businesses and consumers.
– Ends
Tune In