Have Trump's tariffs worked? This is where things stand a year after 'Liberation Day'
A year after President Trump imposed double-digit tariffs on US imports, the government has collected tens of billions of dollars in revenue, but many of these tariffs have been struck down by the Supreme Court. The tariffs were intended to boost US manufacturing and reduce consumer prices, but so far, they have had limited impact, with manufacturing employment declining and inflation remaining elevated.
The US government has collected $151 billion in tariffs in the first five months of the fiscal year. However, about half of this revenue will have to be refunded due to the Supreme Court ruling that some tariffs were imposed without authority. The tariffs were intended to boost US manufacturing, but employment in the sector has declined by 89,000 jobs since April. Inflation remains elevated at 2.4%, partly due to the effects of tariffs. The trade deficit has not changed significantly, with imports totaling $3.4 trillion last year, up 4% from the previous year. The average tariff rate has decreased from its peak of 21% to around 10%.
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