“Tariffs have made us rich,” announced President Donald Trump on Wednesday. There is one problem with that boast. The Supreme Court struck down his signature “Liberation Day” tariffs as unlawful. The Treasury is now sending about $100 billion of that supposed wealth back.
And, despite the president’s assurances, much of the money did not come from foreign countries in the first place. American importers paid the tariffs, businesses passed much of the cost along through higher prices, and American consumers shouldered the burden.
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