The tax collection data shows that April was the month Trump’s campaign of tariffs started to make a real financial impact. Trump’s April 2 “Liberation Day” tariffs against all U.S. trading partners ranged from 10% for many countries to 145% for Chinese products. That came on top of previous tariffs, including a 25% duty on foreign cars that went into effect that month.
Trump’s stated goals for his import taxes include raising revenue to fund the government, restoring U.S. manufacturing by protecting it from foreign competition, and pressuring foreign governments to make trade deals favorable to the U.S. Economists have warned the tariffs are likely to drive up the cost of living, and risk plunging the economy into a recession.
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