The New York Times has admitted that President Trump’s policy of tariffs is already generating a lot of income for the federal government.
In an article published on Sunday, the Times acknowledged that the federal government may soon become dependent on this revenue because of the ballooning fiscal deficit.
The Times explains:
President Trump’s extensive tariffs have already started to generate a significant amount of money for the federal government, a new source of revenue for a heavily indebted nation that American policymakers may start to rely on.
As part of his quest to reorder the global trading system, Mr. Trump has imposed steep tariffs on America’s trading partners, with the bulk of those set to go into effect on Aug. 7.
Even before the latest tariffs kick in, revenue from taxes collected on imported goods has grown dramatically so far this year.
Customs duties, along with some excise taxes, generated $152 billion through July, roughly double the $78 billion netted over the same time period last fiscal year, according to Treasury data.
Hellbound and Down 