() President Donald Trump has been making bold assertions about his “Liberation Day” tariffs, which shocked global markets and toppled domestic trade for several days.

Trump has since announced a 90-day pause on a majority of those reciprocal tariffs, though a baseline 10% tariff on all countries and an increased 125% tariff on China remain.

fact-checked some of Trump’s claims about the tariffs and U.S. trade relationships to separate hyperbole from fact.

Does US make $2B a day from tariffs?

• Trump’s claim: “We’re making a fortune with tariffs. $2 billion a day. Do you believe it? I was told $2 billion.”

Trump’s optimistic estimate does not completely reflect reality.

The president’s number aligns with a forecast from his top trade adviser, Peter Navarro, who predicted the tariffs would generate $700 billion in revenue annually.

Figures from the Treasury Department, however, show revenue from “customs and certain excise taxes” have earned about $200 million a day so far this month. That estimate suggests a much lower annual number.

Does Canada charge 300% on US dairy products?

• Trump’s claim: “They do the first can of milk. They do the first little carton of milk at a very low price. But after that it gets bad, and then it gets up to 275, 300%.”

Trump has defended his tariffs by claiming countries such as Canada have imposed exorbitant tariffs on the U.S. for goods like dairy products.

While it’s true that Canada has a 241% tariff on milk, 270% on dairy powder and 298% on butter, the levies apply only after the country hits a level of tariff-free sales.

This agreement stems from a deal Trump negotiated in 2018 during his first term in office. 

According to the International Dairy Foods Association, the U.S. has never come close to exceeding the dairy quotas in the U.S.-Mexico-Canada Agreement.

Is US-China deficit $1T?

• Trump’s claim: “Last year, China made $1 trillion off trade with the United States. That’s not right.”

Official figures from the Office of the United States Trade Representative show in 2024, the U.S. goods trade deficit with China was $295.4 billion.

Does EU import US cars? What about agriculture?

• Trump’s claim: “The European Union’s been very bad to us. They don’t take our cars like Japan in that sense. They don’t take our agricultural product. They don’t take anything, practically.”

According to the European Automobile Manufacturers Association, the EU did export approximately 750,000 cars to the U.S. in 2024 but it also bought nearly 165,000 American-made cars worth about $10 billion.

As for agricultural products, U.S. Department of Agriculture data shows the EU is actually America’s fourth largest export market. In 2024, the EU bought nearly $13 billion of U.S. agriculture exports last year.