Trump is claiming tariffs brought in $18 trillion, and economists are pushing back hard.
On national TV, he said the U.S. took in more than $18 trillion in just 10 months because of tariffs, and compared it to Biden not reaching $1 trillion in four years.
What he’s pointing to isn’t direct government revenue.
The real number behind the headline is announced investment. Companies choosing to build factories and operations inside the U.S. to avoid tariffs rather than pay them.
That’s the core of the strategy: Pressure companies to reshore Shift global supply chains Use tariffs as leverage instead of just taxes
Actual tariff revenue is far lower, though still at historic highs in the hundreds of billions. The trillions figure comes from investment pledges tied to new plants, jobs, and technology spending.
Critics call the approach messy and disruptive. Trump calls it a win.
If a second term expands this strategy, especially against China and Europe, the pressure could funnel more capital into U.S. energy, manufacturing, and even crypto-related infrastructure.
This is macro policy used as a tool, not just a framework. Capital tends to move where power and incentives align.
The trade war didn’t end. It’s changing shape.
The next phase is already forming.
