Claim by Donald Trump:
In a Labor Day post, Trump claimed that the U.S. has “already taken in trillions of dollars” from tariffs, including an image suggesting “$8 trillion in tariff revenue.”
Explanation:
There is no evidence that tariff revenue under Trump’s second term totals anywhere near $8 trillion. According to the U.S. Treasury Department, total gross customs and excise tax revenue from January 20 to August 28, 2025, was about $156 billion. The Bipartisan Policy Center estimates net tariff revenue at $135.7 billion during that time—just 1.7% of the $8 trillion figure.
Even projections fall far short: the Congressional Budget Office estimates all of Trump’s proposed tariffs through 2035 would raise only $3.3 trillion, less than half of the claimed total.
The chart accompanying Trump’s post also misled viewers by conflating tariff revenue with “new investment.” Even the most generous calculations of foreign direct investment (FDI)—using Global Business Alliance and BEA data—suggest no more than $350 billion in new investment this year, or just 4.4% of the claimed $8 trillion.
Conclusion:
Fact or Fiction? Fiction. Trump’s claim of raising $8 trillion in tariff revenue is wildly exaggerated and unsupported by Treasury, CBO, or BEA data.
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