The New York Times has admitted that President Trump’s policy of tariffs is already generating a lot of income for the federal government.
In an article published on Sunday, the Times acknowledged that the federal government may soon become dependent on this revenue because of the ballooning fiscal deficit.
The Times explains:
President Trump’s extensive tariffs have already started to generate a significant amount of money for the federal government, a new source of revenue for a heavily indebted nation that American policymakers may start to rely on.
As part of his quest to reorder the global trading system, Mr. Trump has imposed steep tariffs on America’s trading partners, with the bulk of those set to go into effect on Aug. 7.
Even before the latest tariffs kick in, revenue from taxes collected on imported goods has grown dramatically so far this year.
Customs duties, along with some excise taxes, generated $152 billion through July, roughly double the $78 billion netted over the same time period last fiscal year, according to Treasury data.
BREAKING Donald Trump brought in ANOTHER Record breaking month, July $29.6 billion in tariffs
ABOLISH THE IRS. WE DON’T NEED IT ANYMORE
THIS IS HUGE pic.twitter.com/8ISqp27Cce
— MAGA Voice (@MAGAVoice) August 3, 2025
Meanwhile, the far-left Guardian newspaper has also conceded that the U.S. economy remains “surprisingly resilient.”
The paper wrote in a recent editorial:
The president’s decision to hit US trading partners – including Canada, Brazil, India and Taiwan – with new tariffs after his self-imposed 1 August deadline certainly reignites a threat to the world economy.
Dozens of countries have been left reeling, and US consumers are expected to pay a heavy price.
However, there is a sense that things could have been worse. Nowhere more clearly is this reflected than on Wall Street: despite the chaos of the president’s trade war, the stock market remains close to record levels.
After the latest escalation on Friday, and some worrying US jobs numbers, share prices took a hit, sliding by about 1%. But this is a setback rather than a rout.
As recently outlined in The Gateway Pundit, Trump’s tariff policy has also led to a flurry of trade deals with countries that were previously taking advantage of America’s low import tariffs while simultaneously charging U.S. companies to access their export markets.
Among the countries who have already signed trade deals on more preferable terms include the United Kingdom, Japan and the European Union.
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