Tariffs Implemented by Trump Amassed Billions in Revenue - Examining the Accuracy of the Claim

The United States economy is currently grappling with a rise in core inflation, excluding food and energy, which has climbed by 3.1% compared to last year. This increase has sparked discussions and concerns among economists and policymakers.

In a bid to alleviate some of the financial burden on American households, Senator Josh Hawley (R-Mo.) has introduced a bill that proposes sending at least $600 to every eligible adult and dependent child this year. The bill, however, is yet to be voted on.

The potential stimulus checks have been a topic of interest due to the tariff revenue collected by the USA during the Trump administration. Recently, former President Trump suggested sending Americans rebate checks funded by tariff revenue. If tariff revenue exceeds expectations, the checks could potentially be larger.

JPMorgan Chase's top U.S. economist, Michael Feroli, has predicted that tariffs will likely cause bigger increases in consumer prices and inflation later this year. His prediction is shared by many economists who attribute the rise in prices to Trump's tariffs.

The Federal Reserve Chair, Jerome Powell, stated that the U.S. economy is in a "solid position," but it's too early to know the full impact of tariffs on inflation. Meanwhile, the USA has collected approximately $50 billion in revenue from tariffs imposed during Donald Trump's administration.

It's worth noting that the bill proposed by Senator Hawley reduces the amount for higher earners. Joint filers making over $150,000, heads of household making over $112,500, or individuals making more than $75,000, would receive 5% less under the bill.

Inflation in July was 2.7%, according to the latest data. As the economy evolves and the impact of tariffs becomes clearer, it will be interesting to see how these developments unfold and whether the proposed stimulus checks will materialise.