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 FergusonEvidence 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 Trump— Hoover InstitutionCreated: 8/11/2026, 7:30:05 AM
My Notes
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