Trump says tariffs made the U.S. “rich as hell,” with tariff collections rising into the hundreds of billions.

But claims about massive daily collections and trillions were overstated. Court-ordered refunds erased net gains in some months.

The key reason: tariffs are generally paid upfront by U.S. importers, not directly by foreign governments. Those costs can then be passed through to businesses and consumers.

Tariffs remain only a small share of total federal revenue, so the headline numbers need context.
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