Trump Insists Tariffs Will Buoy the Economy. For Now, He’s on Damage Control.

On President Trump’s proclaimed “Liberation Day” in April, when he announced the tariffs that have upended global trade, he vowed that “jobs and factories will come roaring back into our country.” The imposition of taxes on imports, the president promised, “will pry open foreign markets and break down foreign trade barriers,” leading to lower prices for Americans. Not surprisingly, Mr. Trump tried on Monday to portray the $12 billion in emergency relief for farmers as a victory, another piece of evidence — at least to him — that his decision to impose the highest tariffs on American imports since 1930 are working, or will soon.

In recent weeks, he has promised to use the tariff income flowing into the country to cut a government check of $2,000 for every taxpayer (“not including high income people!” he exclaimed on Truth Social in November). Last week, he declared at a cabinet meeting that “at some point in the not too distant future, you wouldn’t even have income tax to pay.”