Overview
- At weekend events and online posts, President Trump defended his tariff strategy as a national security tool and claimed it helped end eight wars.
- He again promised $2,000 dividend checks in 2026 and suggested income tax could be eliminated based on tariff proceeds and investment pledges.
- Official figures show $195 billion in customs duties for fiscal 2025 versus nearly $2.7 trillion from individual income taxes, a gap economists call impossible to bridge with tariffs.
- The Supreme Court is weighing his use of emergency powers for broad tariffs after justices voiced skepticism in November, raising the prospect of a ruling that could force refunds.
- Treasury Secretary Scott Bessent warned of potential “massive refunds” and outlined a fallback to replicate tariffs under Sections 301, 232 and 122 as analysts stress investment pledges are not federal revenue.