President Trump tweeted in May 2019, “I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers … great for U.S., not good for China!” As indicated by the chart below, which is based on the latest Federal Reserve data, Trump’s 2019 estimate was off by about $29 billion. Customs revenues in the second quarter of 2019 rose to about $71 billion. Indeed, we have still not seen $100 billion in tariff revenues. Even if we had, we might wish to subtract the amount in government payments being made to farmers as a result of tariff-induced lost markets.
….Guess what, that’s not going to happen! China has just informed us that they (Vice-Premier) are now coming to the U.S. to make a deal. We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers…great for U.S., not good for China!
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