With its customs surtaxes, Donald Trump promised an American industrial renaissance. But his political gamble weighs heavily on his fellow citizens’ wallets. “April 2, 2025 will forever be remembered as the day when American industry was reborn, the day when America’s destiny was reclaimed. This is our declaration of economic independence,” asserted Donald Trump a year ago, as he announced his “Liberation Day” and launched his trade war. The U.S. president promised: “For decades, our country has been pillaged, ransacked, violated, and plundered by nations near and far, whether they be friends or enemies […] The time when the American citizen paid for others’ prosperity is over. Not a single cent of this tax will come out of an American worker’s pocket.” One year after this rhetoric, Americans are facing a different economic reality.
Certainly, the increase in customs tariffs has brought in around $200 billion to the federal state. But despite the U.S. leader’s claims, it is indeed American citizens who have reached into their wallets. According to a study published in mid-February by the Federal Reserve Bank of New York, nearly 90% of the duties imposed by Donald Trump are actually borne by consumers and local businesses. These findings are echoed by other institutions, from the Congressional Budget Office to the Kiel Institute, a German think tank that goes further, affirming that 96% of the tariff burden falls on American buyers.
Context:
Donald Trump’s economic policies aimed to promote American industrial growth through customs surtaxes.
Fact Check:
The actual impact of the customs tariffs imposed by Donald Trump is being felt by American consumers and businesses, contrary to his promises.
Source: Le Point
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