Fact Check: Is Donald Trump and his family making money off of tariffs?

Fact Check: Is Donald Trump and His Family Making Money Off of Tariffs?

What We Know

The claim that Donald Trump and his family are making money off tariffs lacks direct evidence in the available sources. However, several sources provide insights into the economic impact and revenue generated by the tariffs imposed during Trump's presidency.

According to the Penn Wharton Budget Model, President Trump's tariff plan, as of April 8, 2025, is projected to raise significant revenue—over $5.2 trillion over 10 years on a conventional basis and $4.5 trillion on a dynamic basis. This revenue could potentially be used to reduce federal debt, encouraging private investment. The tariffs are expected to reduce GDP and wages significantly, with all future households being worse off.

The Congressional Research Service notes that tariffs were imposed on derivative products of steel and aluminum, with rates of 25% and 10%, respectively. The tariffs have been adjusted multiple times, impacting various sectors, including automotive.

The Economist and Politico highlight the changes in production costs and the revenue surge from importers due to the tariffs. However, these sources do not provide evidence of personal financial gain for Trump or his family.

Analysis

The sources reviewed focus on the broader economic impacts of the tariffs rather than personal financial benefits to Donald Trump or his family. The Penn Wharton Budget Model provides a comprehensive analysis of the economic effects, indicating significant revenue generation and economic drawbacks. However, it does not link this revenue to personal gains for Trump or his family.

The Congressional Research Service and The Economist discuss the tariffs' impact on specific industries and production costs but do not address personal financial benefits. Politico tracks the revenue generated by the tariffs, noting a surge in income from import duties, but again, no connection is made to personal financial gain for Trump or his family.

The sources are credible, with the Penn Wharton Budget Model and the Congressional Research Service being well-regarded for their economic analyses. However, they do not specifically investigate or provide evidence regarding personal financial benefits to Trump or his family from the tariffs.

Conclusion

Needs Research: The claim that Donald Trump and his family are making money off tariffs lacks direct evidence in the reviewed sources. While the tariffs have generated significant revenue and impacted the economy, no source provides information linking this revenue to personal financial gain for Trump or his family. Further investigation and evidence would be necessary to substantiate this claim.

Fact Check: Is Donald Trump and his family making money off of tariffs?