“A day earlier, the president had threatened to impose a 100 percent tariff on many foreign-made semiconductors, an effort to bring more manufacturing to the United States. As federal courts continue to consider the legality of President Trump’s tariffs, he took to social media on Friday to claim that a loss for the White House would amount to an event on the magnitude of the “GREAT DEPRESSION,” suggesting the government might be forced to pay back potentially billions of dollars.”

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“President Trump has maintained that increasing tariffs on international goods would benefit the United States by boosting domestic manufacturing, addressing trade deficits and raising revenues for the U.S. government.”

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““The tariffs have been a tool that the president has used very effectively to level the playing field and put America back on top, and I think it’s wrong for Congress to step in the middle of that,” Mr. Johnson said Wednesday morning in an interview on Fox Business.”

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“While Mr. Trump insists that the tariffs are making the United States rich and giving him substantial leverage against America’s trading partners, the impact on the U.S. economy has been mixed. The tariffs did give the United States a significant revenue boost, with customs duties, taxes and fees rising to approximately $287 billion last year. That was nearly triple the 2024 total. The U.S. trade deficit — a metric that matters a lot to Mr. Trump — also declined sharply last year, falling to its lowest level since 2009 in October. However, the manufacturing boom that Mr. Trump has promised has yet to materialize.”

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“Trump says the duties are necessary, and justified, to respond to national emergencies. ... Trump's justification for why he should have the singular authority to set tariff rates is that trade deficits constitute a national emergency that must be corrected by wielding America's economic might.”

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“President Trump has frequently claimed that foreign countries were paying for his tariffs, not Americans.”

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“Economists, researchers and analysts have warned that President Donald Trump’s sweeping trade policy of tacking steep tariffs on most goods that come into America will deliver a taxing blow to consumers via higher prices. However, recent months’ economic data has shown that overall inflation has remained fairly tame. Trump and members of his administration tout the positive economic reports as signs that tariffs are working.”

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“Trump insists that the U.S. effectively has no inflation as he has attempted to pressure Federal Reserve Chair Jerome Powell into cutting short-term interest rates.”

The tariff-driven inflation that economists feared begins to emerge