Trump’s tariffs have become a major U.S. revenue source, generating about $350 billion annually, according to Fortune. The $350 billion collected equals about 18% of annual household income tax payments, underscoring their broad economic impact. Torsten Slok, chief economist at Apollo Global Management, said that tariffs have reemerged as a central U.S. trade policy, now generating one of the largest collections in recent history. The Congressional Budget Office estimates tariffs could cut the deficit by $4 trillion over the next decade, though economists caution the revenue will mainly slow debt growth rather than eliminate it. Economist Justin Wolfers said Trump’s tariffs have slowed economic activity and raised unemployment, creating conflicting policy signals for Fed Chair Jerome Powell. Over 100 business leaders, including Fortune 500 CEOs, warned at a Yale forum that Trump’s policies carry short-term benefits but pose long-term economic risks.
