Trump’s tariffs are bringing in serious revenue—and it’d be even higher if not for tariff dodgers costing the government $40 billion a year, Goldman Sachs says

Donald Trump looks to his left, frowning (Credit: Chip Somodevilla—Getty Images)

President Donald Trump’s tariff dodging fears are actualizing–and it could be costing the administration huge chunks of change.

Goldman Sachs warned that export data indicates increased rates of transshipments from China to the U.S. through third-party countries—a similar pattern observed during the 2018 trade war. The tariff evasion taking place today could impact more than $200 billion in U.S. imports, costing the U.S. $40 billion in tariff revenue if efforts to curb the sidestepping aren’t mitigated, bank analysts Joseph Briggs and Megan Peters said in a report.