President Trump has said tariffs are making the U.S. much richer and bringing in “trillions of dollars,” but the article cites research showing a more complicated picture. The Tax Foundation projects the tariffs will raise $1.426 trillion in revenue over 2026–2035, while also reducing full-time-equivalent employment by 338,000 jobs and cutting GDP by 0.4%. Three New York Fed economists estimate that the 2025 tariffs added 2.9 percentage points to goods price inflation by February 2026, and that without them goods prices would have fallen slightly. They estimate a 10% across-the-board tariff raises consumer goods prices by 2.6% after one year, mostly through pricier imports and partly through higher input costs for U.S. producers.
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tariffsDonald TrumpinflationSPYQQQ
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Related tickers and likely impact
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/30/2026 | 755.71 |
| Change that session | -1.77% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/30/2026 | 690.49 |
| Change that session | -3.47% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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