“We're doing tariffs on other countries. Other countries are going to finally, after 75 years, pay us back for all that we've done for the world. The tariff will be substantial in some cases. When I had it, I had tariffs and yet I had no inflation.”
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Beginning in February 2025 the administration imposed tariffs of 25% on most Canadian and Mexican imports and 10% on Chinese imports, and Executive Order 14257 of April 2, 2025 imposed a reciprocal tariff of at least 10% on imports from all trading partners, with dozens of countries facing substantially higher rates. On February 20, 2026 the Supreme Court held in Learning Resources, Inc. v. Trump that IEEPA does not authorize presidential tariffs; the administration ended those tariffs on February 24, 2026 but immediately replaced them with a 10% global tariff under Section 122 of the Trade Act of 1974, while Section 232 sectoral tariffs on steel, aluminum, and autos continued. The promised action - imposing substantial tariffs on other countries - was carried out, and tariffs remain in force as of July 3, 2026. This rates the tariff action as stated, not the disputed economic claim about who bears the cost or its inflation effects.
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