Overview
- At a White House reception on Sunday, President Trump said tariffs meant the U.S. has “taken in more than $18 trillion.”
- Treasury data show about $236 billion collected in tariffs over the first 11 months of 2025 and roughly $195 billion in customs duties for fiscal 2025.
- Independent reviews report that administration tallies blend multiyear investment commitments and trade deals with federal revenue.
- The White House investment tracker lists about $9.6 trillion, with noted overstatements such as Japan’s total marked at $1 trillion versus $550 billion and Micron’s $200 billion spread over decades.
- A CryptoSlate analysis applying an on-chain proof-of-reserve framing finds over $17 trillion cannot be reconciled with recorded tariff receipts, as critics like Peter Schiff question the math while Treasury Secretary Scott Bessent defends the broader investment impact.