“To me, the most beautiful word in the dictionary is tariff. It's my favorite word. It needs a public relations firm. We're going to be a tariff nation. It's not going to be a cost to you. It's going to be a cost to another country.”
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The 'tariff nation' half was delivered: beginning April 5, 2025, Executive Order 14257 placed a 10% baseline duty on nearly all imports, alongside sector tariffs, and after the Supreme Court struck down the IEEPA tariffs on February 20, 2026 a successor 10% global duty under Section 122 took effect February 24, 2026. The 'not going to be a cost to you' half has not held: St. Louis Fed researchers found companies passed 35% of tariff costs to U.S. consumers from May through July 2025, and Goldman Sachs estimated consumers could ultimately bear as much as 55%, with U.S. importers legally paying the duties at the border. He kept the tariff expansion but the promised costlessness to Americans is contradicted by the available price evidence.
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