Trump claims tariffs will make the U.S. 'rich again.' But 5 undisputed facts about how they work throw cold water on that notion

Boarding Air Force One on March 12, President Donald Trump quipped, “We’re going to raise hundreds of billions in tariffs; we’re going to become so rich we’re not going to know where to spend that money.” Despite hand-wringing from CEOs, the stock market tanking, and widespread condemnation from our trading partners, the President is forging ahead with his trade war. In doing so, he's counting on big windfalls from these import taxes, along with the savings he boasts will flow from Elon Musk’s DOGE campaign, to fulfill his promise of sharply reducing America’s yawning fiscal deficits. But in examining five facts about how tariffs actually work, it's clear that they will have a huge effect on the economy—just not the one the President is projecting.

Fact 1: Tariffs are a tax that will be mainly, if not wholly, borne by U.S. consumers