Hardly a day goes by without President Donald Trump boasting about the record tariff revenue the US government has been collecting since he ratcheted up taxes on almost every imported good.
“We have a lot of money coming in, much more money than the country’s ever seen,” Trump said over the weekend, referring to tariff revenue.
Trump’s right: The US government collected nearly $30 billion in tariff revenue last month, according to the Treasury Department. That’s a 242% jump in tariff revenue compared to last July.
Since April, when the president began imposing a 10% tariff across nearly all goods, among several other steeper levies that followed, the government collected a total of $100 billion in tariff revenue, three times the amount collected during the same four months last year.
So what exactly is the government doing with all this money?
