White House · China · Donald Trump · Supreme Court · Fortune Technology
President Donald Trump’s onslaught of tariffs was initially meant to grow government revenue
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The White House is now cracking down on these tariff dodgers.
Key facts
- Author Robert Scott said the deficit increased by $336.5 billion in that period, and this could eventually cost the U.S. between $60 billion and $606 billion in annual GDP losses, the White House
- Goldman Sachs calculated that the U.S. previously lost between $110 billion to $130 billion in revenue from tariff dodgers during Trump’s first term
- It claimed the U.S. is losing between $19 billion to $26 billion in tax revenue annually because of countries routing exports through other countries to evade levies, in a process called transshipment
- Even after the Supreme Court struck down the lion’s share of tariffs, which were imposed under the International Emergency Economic Powers Act (IEEPA), the White House has tried to replicate high
Summary
President Donald Trump’s onslaught of tariffs was initially meant to grow government revenue. But the true extent of the tariff fraud may be even greater than that. China appears to be the main culprit behind the tariff dodging, processing exports through more than 40 other countries, according to the report. “While the future may be murky, the past is not,” read the report, which came from the White House’s Office of Trade and Manufacturing Policy (OTMP).