Tariff revenue is much lower than expected—in the tens of billions rather than hundreds or the promised trillion dollars—and is likely to decay over time as the international economy adjusts to the tariffs.

factualpending

Speaker

Neil Ferguson

Evidence Quote

The tariff revenue now is much lower than expected. It's only in the tens of billions.

Source

Niall Ferguson, Victor Davis Hanson and Stephen Kotkin: Three Historians Debate The Era of TrumpHoover Institution
Created: 8/11/2026, 7:30:05 AM

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